Green Plains (GPRE) 2 May 222022 Q1 Earnings call transcript

Good morning and welcome to the Green Plains, Inc. and Green Plains Partners’ First Quarter Conference Call.

Following the company's prepared remarks, instructions will be provided for Q&A. At this time, all participants are in listen-only mode. I will now turn the call over to your host, Phil Boggs, Executive Vice President, Investor Relations. Mr. ahead. go please Boggs,

Executive good Plains Welcome Call. Partners, are and today's and Officer, Chief presentation der the slide Investor Inc. Participants Green link the and and Leslie Page is van and and on call There Chief President find Presentations Becker, websites. Green EVP, under First Meulen, and you both Todd Patrich Marketing morning can Product Innovation. Thanks, Simpkins, to Financial everyone. Plains, on Officer, a Alright. Quarter available, on corporate it Earnings Events

we and results which that releases, based assumptions reports press call, about Risk materially factors the Form-XX-Q, section of could today's on or this this during future the will predictions, statements filings Actual to not made update and and and expectations forward-looking are with Commission. During differ and and conference be statement. because Form subject making any in call Securities statements undertake any other of Exchange XX-K, in are current discussed other are to forward-looking We events. duty risk statements our do These uncertainties. Factors projections, comments and the

to would turn over I Becker. call like Now, Todd to the

our good and and morning, Thanks, Phil, thanks call for everyone joining today.

announcements couple you discussing we our weeks announced an that event and we time to achieve Our that a XX% for continues recent protein some as demonstrate with is concentrations ago. our been and milestone steam success achieving gain transformation ongoing plus after milestone, for have we aiming

last which challenging we program. of On to modernization Overproduction the quarter led species. in added high-value of team our We significant industry believe new multiple we resulted margin ingredients across Our inventories, is from commercial that, environment. will absorption negative our in extremely quarter. exceptional be has ethanol from high and had ]] progress now the [ what top the on customers protein as an

not one-time discuss than due could one-time This plants indicated and service other last operate wage where be at along margins a We negative would Patrich distinct cost Overall, just come operating additional on no compensation, to conferences all on. of very gallon the in so XX surprise. of margins crush individual had later get the also one our that our our to had adequate recent or reclassification days not call quarter. first it per recurring fees. we should impacted corporate quarter negatively We our will inflation be and increased legal with weak more rail at during in which ethanol quarter, ethanol $X.XX were and

improved changed report have we quarter. on However, significantly take advantage our the up and the I margins things in in the appreciation of will the the in and lows first in business. of that’s values second paper, have the and we margin crush. quarter crush am quarter $X.XX Today strong happy Ethanol be margins to exceed experienced enabled corn for oil gallon end of the to renewable protein factoring since some better per

capacity. of the that is update, Besides currently running important happy transformation over plants point. seen the vegetable oils, for which our half in I natural in very about indicated a as we markets, in our all helping. for the announce lower gas in pricing towards our time minimal We open have locked locked with for highs. And also of We think to three are I to of our really as this at into previous disposure gallons is we and years, first strong am quarter have most have price June prices, much lastly, on it recent capable May came XXXX at calls. of

Mount Vernon at to York. and modernization program and have full necessary upgrade bin and we rate multi-year Our locations finally completed repairs our returning Madison is with grain complete

this In fact, We subject better. our our Construction Central capable is seen our far across plants anticipate there quarter consistently have deploy running utilization good level that to Obion of to be success for crucial safely City somewhat second make facilities which and and before, continue never quarter technologies. to that which and should of our we has rates at the rail been Mount are in Vernon platform. long-term technology strong we progress. so protein rollout Vernon service, our Madison is Mount as at Operating MSC great MSC

We will new to update photos. continue construction post

construction quarter out. with the two you in all in Obion coming Current schedules show now to of the online encourage facilities check I fourth So third them the quarter.

schedule Although to and groundnut as dough adding the as sites Superior XXXX. is shifts early shave extra underway soon Madison, our diligently next grate working up and start we late as two off or possible for time the anticipate in year in engineering in to are sites

and that week to JV largest to-date believe turnkey need in completed. it be ground. get allowing system when we of and the what next MSC world have our we the project break engineering the hope to in all continue We partnerships the out us We will coming

in the to Again, after this a a important of on and trade while first ended allowing fund forty the increased the cents for our think facility our collateral, over Partners capital sustainability rising us in capital consolidating with execute we position minimum long-term $X.X our to time that operating will financial for on transformation great us sheet the balance facility capital weak even sheet This group in financing working Green especially shape, our strong plan. financing the and Green how supported replaced the $XXX our quarter commitments results. leaving This targets. we revolving a back one stable is facility more next allows cash review a over Partners’ to in quarter exciting like I across per outlook. goals. linking million history. is by margins, working expand Plains remain to our During sustainability Patrich partnership’s balance on our quarter, credit And in I third update completed would call structure overall grainer with Green to Plains financial Plains also volume half will row to with steps and a distribution optimize new to for This a first plan. the call and better business internally, performance. margin the quarter and a turn streamline Plains our trials protein ring the into unit. both transformation their prior to to four on come provide Green access revolvers another I Inc. we thorough

$XXX.X Todd, consolidated million driven quarter higher for the morning, were Plains’ Green Thank year good run the and everyone. a than and you, prices first rates. by ago of higher revenues period mainly of million, same $XXX.X

Our favorably plant comparing utilization quarter. prior to the improved in the rate period, XX.X% an run year-over-year, year rate with run rate the XX.X% during first

fixed Todd to utilization and margins monetization platform long-term. message we mainly cost supporting reducing in across through for As Consistent our now in rates achieve the runrates due and a improving absorption we higher our to our platform programs. earlier consistent indicated as our XXXX, key completion higher the with position remain transformation QX of of are move to XXXX,

XXXX. million negative we performance million over largely and weaker as of coupled of the markets, well comparative net corporate same million, share, a to in quarter, loss adjustments, with period our partly million for year in EBITDA by diluted compared ethanol reported Xuarter $X.XX Adjusted the wages prior the and or $XX.X loss a $XX.X reported cost segment compared in was to quarter, per a for the $X.X one-time as AG $XX.X For energy due driven with higher XXXX. higher

we period, crush a the gallon realized consolidated $X.XX For per negative margin.

$XX.X compared adjustments runrate QX mainly for of was number compensation. by of to normalized $XX.X SG&A all The segments for one-time XXXX, indicative our related quarter, it’s million of XXXX. to in million and fees approximately but the corporate the a not SG&A to $X.X was For of costs increase expenses professional driven million reported

increases The difference was debt we the capitalized in normalized the for $XX million as SG&A a the attributable extinguishment in notes. to the is combination $XX for million million around interest of to to million of Of the and million prior $XX.X right $XX.X an partial $XX.X remaining our in expense around to expect expect seen quarter segments salary-related offset of and XXXX related per runrate business have but $XX.X higher in all our interest $XX quarter, We favorable headcount expenses SG&A first to $X.X higher million interest. through inflationary expense support of a transformation, effect which rates by charge increase slight convertible slightly to that in million Interest in be around amount, to came corporate forward. quarter reported balances, million result our quarter going XXXX. the mainly be cost a year of

the expected of should remainder the year, interest. on expense million our cash before remain with per $XX guidance prior For quarter of consistent interest debt based capitalized levels,

the indefinitely. which income to resulting was to tax a a deferred in tax quarterly. $XXX net quarter available loss the forward compared from is $X.X expense quarter, for At million, be million to reassessed period which $X.X the adjustment million, Our of benefit our were same tax carried company the the may cumulative of asset, for XXXX end the valuation carry-forwards

provide On of Our of summary a the the balance adjustments normalized Slide deck, XX.X%. tax sheet. rate allowance excluding earnings any we valuation was X company’s

we As million working prior compared the shown, quarter capital and ended year to net working of capital for of the $XXX financing, million cash $XXX quarter. with

equivalents, and under marketable capital the at revolver. cash with position working end quarter million in million liquidity of $XX cash the securities, restricted our included Our cash, along $XXX.X available approximately

our allocated regulatory other growth For maintenance, million $XX safety projects $XX to initiatives initiatives and of $XX including MSC million growth plant including $XX sustaining million towards protein and we the modernization for million initiative, profit capital and to quarter, approximately capital. about

ago construction to $XXX another based year of report a $XXX than reported continue of of of and the realized the a anticipate the Ord EBITDA $XX.X $XX.X was plan adjusted for We million the current sale XXXX EBITDA the a am steady partnership the plants. to with schedules. result I to million. for pleased quarter parent period same on million million lower year CapEx as

while enabled maintaining returns to unitholders cents distribution per by However, and performance a to coverage X.XX half leverage enhance quarter. ratio partnership a unit and the low increasing for Partnership’s four forty times to the the the operational quarterly stable

distributable $XX.X the for $XX.X XXXX, changes of plant. from to the of quarter cash comparing was volume metric the considering million quarter flow when same the million for sale the Ord favorably Partnership, parents the For the

months, X.XX for $XX.X XX ratio, excluding coverage million, adjustment past amortized produced payments adjusted resulting million $XX.X required times any distributable company $XX distributions a of the declared last in and principal the EBITDA flow year. the million, Over cash of of in the

Todd. to over back call the return to like would I Now,

Patrick. Thanks,

often XXXX we and out to point and we transformation. our for So pointed late on an have company our XXXX are inflection track as achieve

the company and to well. on June over, also more is $XX through rate. for oil, important started margins Based the towards the over on returned To tracking the we’ve once little it’s our make would of of each open quarter our of running we focused on know open we and on is margins some prior pillars, full to market, the as but we exposure the that We bit highs, calls, during lows for to carbon. approximately market. as QX rallied left from to platform window. produce spend and EBITDA current and understand and As done multi-week since we million have With current sugar we April XX% But profitability. the do recent crush, for walk saw We you are I see quarter. corporate first, May still reiterate, downs we these locking benefiting what’s off as of an in are return our again to some we a have to ethanol costs time full at to to you economics let’s It helps the began of strategic update in opportunity still normal, protein, have quarter like that. lock of

the season driving geographic summer could So we could locations know around beneficial. bit, do numbers move but a still and be

open to our other forward fully and prices. fact remained margins, the they own QX QX also than that we today’s recovered, Looking have gas than cheaper natural but we

the simply trial was to full exceeded plan this ran at learned and all in our trial five protein we XX% protein Wood Within expectations. month of achieve Our quickly days, higher We for concentrations. and how a River were near producing to dial protein. groundbreaking

to to days engineers and took processes and Our from achieve increased the the yields. learnings necessary began mechanical trial quickly the protein higher operators dial and those early in of purities

four days half to and began bushel. ran ten see back XX% with of of we concentration per protein greater to the than For the yields trial, up over pounds

In carbon ability this the addition, oil we bushel pounds low time X.X believe future our corn yields, in to per of we high, learnings renewable also on achieve to resulted shooting have the technology. some record up seen and

Let’s think accomplished. about what we just

for just a ingredient of in success a industry our achieved top over some month. River days, from carbon low just for yields batches. ten of in corn mill This demonstrated a value, to both to our of are this, you pounds we go market time efforts and kept The Not for for customers if earnest across can exceeded thumb for X.X produce renewable was above On ability process going. expectations protein in a fermentation of externally. the and have of small We prior refinery. row sustained oil After to and per dry our need old rule Wood that you square market plant XX% now entire we The achieve high in fermented the back ten one. a the bushel. sort baseline XX% days is validation internally by plus, were first our our the and underway

XX% the providing fermentation. Asia. will than our species America, Quip and five early is from ago, truly They year. we price and are a demonstrates of MSC and for a months, of believe diesel South with completed that result XXX higher across to continues of created quarters superior year the on is half ahead protein the portion as through recent oil to additional and move now concentrations, less laid over not provide we we low already over are an benefits strong soybean carbon performing our achieved renewable believe are anticipate a also Currently, oils, of out partnerships and there center having Low proteins significant this nothing in include XXXX higher trials customers several will we solutions. two only numerous pounds ingredients hitting plant-based from forward each be We to convert not prices push renewable the as regions three reaching are million When believe our to to indications a high during carbon targets CI years demand I years or strategic we will pre-digested and seeing diets as see us the feed that score for It products half have. on last XX we has protein expanding rapidly are making Fluid fiscal we the next prevent acquiring a yeast average we record a in utilizing to which lower aquaculture our After vision all protein. levels unique a than feedstock for and excited next what we but platform validate that in-house with also to of be in develop and We innovation We quantities the points if and over schedule. XXXX. industry. that oil production corn nutritional nutritional have premium to this we builds,

a industry corn technology truly DCO+, offer IP This recently current announced under Fluid Quip of Fluid addition, covered new offering, as the well. path beginning suite order making the technologies to in yields oil and renewable expanded our a technology Quip modular. is In to is

able a it any yields to this completing permitting own of renewable and increased not we MSC engineer out in that to anticipate build takes emission Minnesota, facilities as some such as this of longer quickly bit full our are as corn technology more to deploy a where oil manner. meaningful also at a We add had does plant

We our to discussions corn engage continue potential in with regarding partners substantive renewable oil.

in from strong capacity this over on the oil We on has Quip higher this process to Fluid makes provide the to valuable. Plains benefit ability patient The enhances been more have overall only even refinements our time. us and Green have technological long corn with mean developments market and working continued been run and front

Shenandoah sugar and our or first positioned financial significant Shenandoah of recently excited technology totaling incentives platform demonstrate development future We initiative. that protein uniquely This clean City bio mill. a the are developed capacity refinery sugar with will the scale over of value benefit will State the first awarded some dry deployment. announce for development to possibilities this and were will site and the make full system of glucose/dextrose future, at We complete This million day add be dextrose of Shenandoah a our bushel approximately $XX fully from years. XX Iowa the XX,XXX to per to system operations and grind of project

products. well we continue XXXX. to ground expect to as this food-grade end We middle of completion make Engineering and grade anticipated anticipate or by as later industrial the with year breaking is ongoing

to well Our with engage co-location as potential partners in substantive as partners. discussions continue well, potential us offtake as

reduction carbon and how are expand to new areas. we track to initiatives Our on remain exploring

to their We as make access from we have announced overall late are With permitting carbon low and secure permitted participation key site solutions and fully which a project. of in COX long-term during with with quarter write week confident with remain several our North last gained and success on able significant partner the largest to carbon partnered Dakota. XXX well. contribution into storage away we winning progress constructive a have players. our tons continues our to remain We Summit carbon and prices eight partnership facilities main their significant being areas equity pipeline. the committed to drives of They strategy investments been focus their a Summit project, to

explored well opportunities have evaluate to continue as possibilities. emerging and new paths alcohol-to-jet several that We are as

all We of ask other above in whether in some products biogenic also injection remain all plants. in The there the eastern ourselves the focused could on end opportunities we our ground. should be direct questions is up of the sort ground have as carbon

place X exist believe to believe traditional infrastructure the in to ethanol. our in today opportunities carbon I will zero our and the be and new economical reducing bio-based of We we also most production biomass-based heat, mass path In Gen low carbon end, believe intensity a base heat valuable. more electricity the further as becoming is fuels ethanol

is to the the cost product more make look Green retaining at So now, of and results, than on environment experienced you we wage to President bring in Corporate the XXXX? least. we expectation marketing. EPA pressures months still SG&A including continue ethanol approximately for believe is Plain waiver ahead. more these from better administration to great short-term updated look have great leveling of where QX as at E-XX. continue for prior Again, the off quarters looks we keeping affordable biofuels our seen wage to protein with we and to as allow Even talent and weak the trended of overall as emergency us bit million leave corn our the higher we important is E-XX million of attracting million with or acknowledged stronger. $XXX summer success transformation inflation a for talent the We oil XX% of the sole market all first some $XX this but protein E-X for Since and and has EBITDA to to for it be that while balance margins, increasing, over are $XX forward quarter of at million consumers our for currently online much as the numbers for from year an a course efforts the issued $XXX

to to to continue carbon supply The the to reserve. strategic volatility Midwest tied Governors We be eliminated, pipelines our which Iowa shift to and Even permanent from to follow. E-XX to states would market. workaround XX% well up round – effort with to XX% the have a be letter fuel lower more to help one-time low for is continue over final E-XX surplus allow represent a most think fuel fuel quick in and and food on at EPA offered way as Ukraine of the corn California the States will we make expand to something conflict, requesting a just the and in be year recent included stations and that in as within and letter higher force permanent states refiners policies the event important approximately is Midwest the bob the waiver fields eight served U.S. gas blends requiring of equivalent these population of demand, the states. other U.S. the

per disposition of be which by million over renewable positive be renewable to bullish diesel business are well. changer of oil will as We if and our game production industry our happens. is That certainly this low continues increase hearing from could as a year carbon the waiver to and corn government, to ethanol demand gallons XXX transformational legacy expanded

call these can tailwinds, Thanks we with these in on in the the joining now ethanol today without volatile see even in X.X historically Green can can point economics. the see point for we [Indiscernible] fuel Q&A. our inflection we tailwinds, and Plains from keeping and to transformation start So – closing a are even inflection we to

comes Our Securities. question of first Jordan the Levy of Instructions] from Truist [Operator line

open. line Your is

Morning, all.

Morning.

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XX use have for markets you’ve to now, numbers or tangible XXXX show question what can you plus are – High that potential completion River, already these as my even of achievable the as base Pro Wood how talk some accomplished them? So is, to upside to you’ve Project Shenandoah being at the

the here because have Yeah, systems, grinds think continue to running your at I want grind be which I you when run obviously, is the to those as going and well. full protein expand run think key to possibilities, full you rate, we even

of like project So, in modernization post new is Madison, up XX updates some York completing, not helpful driers Mount just well. and the Project as running XX obviously Vernon to getting and going be but back

So top giving even confidence. we that you brand with just gotten a at and start to we’ve the by River of at them great that, on, a food year the went to long supply Wood with we base sure learning and products. them XX ship what are strong This sales a We one, from on again process that This another pet sites some and Shenandoah and want buy where where us have Pro and food. just approved is isn’t sell through your pet major to safe call obviously them. they come let into me make they use. – somebody significant else out to is product a to audits is of audits on safe Number they

own food of even before several got so with others well. use were has platform. started a we in that our the three is late just product processes in And these and going are major we to some to – ago we new our years two beginning to pet brand making We products even as stages

success the as of Some exciting does, that it’s it from also had feed pro Pro in. protein swine it XX et aquaculture is the use flesh some to after we fermented the more seen, of Even XX though but and We pro calls who the wasn’t with what why? we success, can announced they’ve and make So seeing do replacement fermented that calls ratios, around help globe actually to product conversion from around we XX cetera. to is obviously color this a want for got calls are products or around what it’s producers we in got there. out

was did while seen, product Pro. we’ve it on we – product of development that lot the everything So, was XX out a

lot XX Pro. We of are a the getting on inbounds

We are Pro. sending Southeast XX Asia Pro shipment to and first XX our of

market. Pro as getting for ready for shipments those sending other South We products seeing XX America when you we Peru and look displacements ton, are a are pricing comparisons also of right interest ton. low $XXXX Last in - time a into our trading first meal, $XXXX of in high meal when as around real quality at is now products quality send we well fish around say, a the to fish

prices, between where So, are expectations somewhere in the products probably obviously know in we today. to those There love high. those our cards not get But started We those other to numbers. that’s in is start but to displace we markets. high opportunities

is make a just I of platform. to said, matter ultimately across but and of it make So, can basically intent whole the we as if, is happen. our when. a our not this is matter product This going to We that know

talk from it’s and kind is Thanks, XX concluded the question of just programs into recognizing you Todd. the the trial pro great these next with kind of has to run a segue that my I know first and tests the those time of importance discussions securing contracts? to in seen the long-term needed kind line from you change – you having are market offtake have in the time the customers, of sees any in knowing

Yeah, of on I shareholders want a Leslie as the our why bit lot And Pro XX view a different on maybe on customers? will well to a if here, is XX are to you on lot will Pro. give think than it XX is the shorter be Leslie a the to seeing, comment time what be Pro you the potential

even category. mark XX% essence in higher, achieving by ourselves different we and so, Yes, in possibly put a the

soy concentrates, already are elite protein and side on so it food of lot an we now use more really aquaculture dialed fits in diets the better corn ingredients. that the meals, of the join ability nutritionists or has formulating food was fish using product imperative to that the formulation these and whether So it’s into meals pet it more the group side of

of supply the of due and available in really what markets, customers. of I think a calls this lot up scalable aggressively that So many are since points, those is inbound to that’s those really to new we why quite opens source the the the touch seeing tightness only

I’ll much. so leave path. a Thanks it

Thank you.

you. Thank

Our next question comes from Laurence Alexander of Jefferies.

line Your is open.

morning. in of out feed. timeline the the good as a based what you ASPs about the discussion in from to on follow-up validate you do been just the hearing the that the sketched are couple see, for on last has contracts validation now J So, What I outreach curve aqua to place wanted years?

go So, ahead, Leslie.

This is Leslie again.

and the the the test whether need the case, want up certain trial so, systems that’s of that to a months always within to live them this Yes, really concurrently. farmers they will product do build or whether data in some want by running they specific the validate more phases really question three why, be to there to is and

internal can with that we off our accept we So time. own actually lot supply take efforts validation of ahead a of having data been

don’t optimal to to level to But of of could is still really inclusion customer. do to we the months time get that this between a rate have what’s So product. three see with the each traditionally six you the

the early should would curve J speak imply that by economics did next you to have that it year? – So

that. for track on are we Correct. believe We

sort dextrose? of companies to horizon? valuations are ingredient you and be EBITDA $X And the at might kind participate from from look food And from companies? biofuel do a change it’s perspective, does opening if focus new of the that front, incentive or I you look the guess, on relative same of that also Or fuel, that the business the do your as on next allocation the opportunities you wave in the bio just up if fuel how view projects bio secondly, of fuels on paper biofuel at

standpoint, our capital is – predictable and From recurring flows. get what cash allocation we’ll

is next fuels well some and we predictable bio as while with believe opportunities so, business flows have and glucose and our like partners. will to several non-volatile, develop because partnerships seen, we we years, are over supply look potential be co-location those the And obviously at dextrose and going we’ve believe agreements enter will cash recurring, we going into we’ve to and that when like some spikes seen weaknesses as

now – is bio and not our again, available still to the This when fuels put will calls of as calls just believe have really now out, to subject by, capital that, in what capability had but now have it’s opportunity, has kind and we we is and the glucose subject the certainly here calls is, now refining. York when frying we operations to continues, in we success just there not also evidenced it’s so, run unit we’ve demand that’s that to and the at not new the dextrose subject we policy. – a it’s in, therefore exchange look while it’s didn’t we are do say And really policy,

make product. So to and also to continue that show capability our our this success should

are – expanding allocation will so, going or And still will margin make that we allocation which against go a And while. again, and foremost expand things are lot to fuel predictable, yet recurring for capital our obviously, a gross and first will of percentages.

to there sugars by more has product going all around predictable is there. would cash opportunities just expanding flows. and some see and be for it’s that’s to great so But any can allocation expansion, but it’s fine, the recurring capital ethanol, that and it and be oils proteins around we make to grind be So

you. Thank Okay.

you. Thank

Our next of from Zaslow question comes BMO. Ken

Your please. question

good morning, guys. Hey,

Good morning.

is it corn $X.XX would of and oil? referenced, your Hey, high protein you that be of how guys control, that much that within will

are also a we that of in market conservative we of than lot there as margins is were But use would was greater the the a that be if margins quarter in and market estimates today believe fact has those were reason quarter mean, been half control. to they that’s volatility that. would that’s Yeah, the But exceed If the basically, of being now, I We late within is done. that the But close the rest if our our ethanol our we right – of April the margin. are the were of to out ethanol as number end percentage of is the in numbers. today, done seen is high come up and control. we’ve we and

And high rephrase, much corn that how protein let the so, of me oil? $X.XX, then and of is

year But in – are somewhere look mean, that. between it, will like, we at give well, like mean, we’d aren’t not I when quarter in $XX I and for guidance protein and oil a give the on it corn isolated we Yeah, year we – that million which basically, initiatives. to – is our million $XXX a per million you to $XX or – we it’s be $XXX you million

today, we And we’d closed is the said from ethanol $X.XX if that two be that higher for those that’s is than had so, the market positive. coming of percentage but out products. large a why today And

Okay.

I looking operations little are hey, for to balance able well we of on and how like you but you operation all the the story that – were longer develop think balancing doesn’t kind we as to some margin it I that as the a the sense than - current for it’s deliver start talk peers out with you like at industry? seem like the point want and margins and term structure, are and here? how products lower a good I balance being investors for about that these the you it’s at your this relative guess that if with you bit balance get in As your and the can figure between, – more to Sunday forward short-term, of you But look I do your how the full it future. your is go are of seems it that investing from future, should industry line the to it

a Well, forward is the balance going now.

we’ve of a it in increasing and stand think quarter say, there. opportunity that years, results. more over in longer of the Obviously where the fixed was COVID. last now QX else the was same were we’ve would I spot I we lot we that, fairly basis us, think a But in have that it what every stellar the be we will you’ll projects than we than the really day, we last But a are I they mean, would others to that absorption for of so past market are what at us of and quarter the that spread eaten relative or done seeing. exceeding better took absorptions cost future possibly spread in I some see driving relative to were better expectations. we I and or because several average because adequately at quarter are well grain will those are negative all some of and but confident that general, you if the very represent last basically prices think our believe complete, -

we hard make overall, to it’s our Obviously, quarter now are to I we’ve it there you’ve – done rail But now. from guys negative really something So, hit as plants run us the last of probably be a was I our quarter, last mean, us hitting projects. we plants just quarter. – sure our hard open. this one day. old start But service see every seen not is where absorption – keeping believe the job any good or that our going

are we basically rate today. at So,

that and in which this will at of would Okay. are you I’ll it there. in have a occur, expect if be My years leave anytime would last question that situation you you couple EBITDA the next go And model? anytime guys resilient again what the forward, building if negative I is, or

is Yeah, to that quarter on the I and the to of fuel, no, gaining think just standpoint but negative. going industry lot Obviously, don’t obviously, I seen a that obviously standpoint, industry mean, have that, momentum unless at also from oversupplied is the undersupplied. we’ve the and where from of completely we the but watch some believe is I But is other up ethanol ethanol obviously E of out times XX the watch to opportunities, closely. of initiatives, industry a we but then also are

occurrences expand ethanol be would tank no But as of of if hope margins but then margin. variable some then, environment I I get for there obviously, if that. take where basically, us protein move contribution see in at I to that, would we yields at obviously, our that we low, – see we risk our completely more completely when would the negative the are other continue don’t don’t sugar, that we So, is general, industry that we an in and reason, an like will oil is environment into because And today.

So, again, future, doesn’t well every that, quarter our but set defend completely can’t against predict in hope think are happen but to obviously, up is we the I it that.

you. Great. Thank

Thank you.

you. Thank

Bienvenu Ben comes question next from Stephens. of Our

line open. Your is

Thanks. Hey. Good morning.

morning. Good

sure think the maximizing offtake you for it’s the Whether the in value do it are with other about offtake decide how agreements, to sell and validation score establish corn to the as you corn it that that? associated are presenting you to CI is the do potential agreement the that oils, to oil I want and you of given looking markets the the market ask about produce? oil, or just what of what for the things just that the – vegetable other the best value make with interest of relative into you

to put you hedging can you rallies correlated and want spread much have in Yeah, of oil, ways established, highly how you oil of it’s on because Basically I keep you little once high bean does similar forward because the if terms market then a trades that by that, moves you use bean futures participate hedge. think, to bit forward. that is in some it there the could very everything. how bean upside of a a obviously are and is sale, want much as After basically a open, to you you sell correlation, oil determine in

we for last half We forward have bids portion seen our are before. better we that a seeing are are year on evaluating and the open and of of the we significant than book

products, all products. carbon availability when last corn look of carbon because there On you take more that of on left two or demand you then carbon are obviously beginning because top pounds that our worry you is where on and when billion is that end is the available it’s are that one market. half pounds the billion there are to the soybean think They about could that players higher in buyers I that low when look But some of oil, rest another of oils, is score there they ucos of of oil. of low to source. fats, at at some oils, XX the estimate only at about XX of in the coming look going kellos, to

deep like we feel premiums of bids year the you’ve seen our for oil. products. last of that a oil So, the is really we We’ve demand good seen Obviously, but the market, inverse in still soybean half are soybean in there big position. to had a

good so And in feel a position. like are really we we from standpoint, our

seen we’ve there We’ve offtake benefit without left opportunities way out is, just agreements. several offtake definitely and is interesting proposals necessarily Now, and I doing way an is benefit for some shareholders our this no the it at some point come today. there our think there

think put But continue a evaluate. not don’t is We home. place a to have be a problem. to to a going be it’s got time to to going where that’s there I just oil, – a corn won’t not oil be

think offtake into we without would do at amount a one? compelling, I agent point, a on will oil we benefit today. and our an little something least Plains I to with staying I that is take be I way are a Could we that’s the think still working of But to kind has think can benefit that some a free a really while look But been longer. if it’s probably what together continue It’s think we and matter shareholders for additional this possibility. have to we and what good at we the thing and that of shareholders of why at enter market will agreement it. put Green for a its over have

Yeah.

at capacity? first expect to up when decision? portfolio? your was you decide look we you the With tax-driven sense. purely have. And And should you incentive-driven do want decision, I of to to tax clean respect decide that point full you. what makes all of plants convert second maybe the are sugar That Thank to spool as process facility, considering a that’s what the kind long the announcement production get And as of across that question, sugar, Shenandoah are the many how Okay. things you that you or to part how for

No, it incentive wasn’t tax decision a necessarily.

we results but plant. want similar that of well. that and day to achieve our high performs place we Shenandoah yields It levels. we now operating place. proteins pressing very as managing terms most first best higher special of probably have our had is could rates every see – performing and and every standalone protein yields plant, under profitable plants, one anywhere we think and I really would a Obviously, in at almost control protein put our

So earnings we’ve had there. a of lot

So that for we ready have a new now. is great staff really technologies operating

will technologies is we as and is to going of opportunity combination Shenandoah what what to be there And future all have. so, a for an And look also want show is which the well. future like, and is co-location, the that all the the IP we

unique to very been from it’s a workforce potential fence a over we’ve transport standpoint partners located viewing Shenandoah as a rail and from of standpoint. is and and kind where talking opportunities So, the well co-location

go they into So, sugar a will XX,XXX are and still that’s less XX,XXX look go the their bushel it, XX% half day at about when grind which grind, rest we a to going than into of grind, will system, is maybe to their we alcohol. little

a with that a to for so, the deliver our bio And opportunity first around incentives refinery do modern for we what can best to a Omaha. with to in choice and day want full – with really workforce was location close show on co-location partners tax great

actually down as looking calls we to to to big are this, from find and really the going about well food But need of to really and as where build and are customer with on and decided that source the to coming with can new we rail product that. the customer What is and we interest IP customer it. glucose how standalone for it’s could the we one lot we We seems hit is dextrose grade with look really it one on and looking want the Madison. to I as great and interesting they as comes want – think in with going mid-sized be that’s are locations have well in technology and river that opportunities be product all there guys the a be them. of From the to And that they that best our have systems It grade. to support be on best truck to hit we’ll we list. access this is and what so, there for. can the make ship believe at where that parts probably of the they a And industrial country, it the to

just the And up Okay. facility? of the ramp on timing the of Todd,

In break Yeah, of ground to Shenandoah, engineering year. should quarter today. are we we middle third this

order We lead have time to long some started equipment.

was industrial one expect was it, thing step and we as refining that We that the been in are have which ability now we we to be see thought around needed about we to in And brought in York, that. running do well. food And year the and York again, is to today last what to running a to able get and grade. after

with is So facility. forward and the and the confidence another standalone that do size gave increase us to really what just move

Great. Thank much. you of Best so Okay. luck.

you. Thank

you. Thank

go of Our of ahead. Please next Steve Bank question from America. comes Byrne

comparable quality plus still to on the kind oil. that? you X.X talk value the protein you do the about in any corn extracted the can or of Todd, of DDG little the a residual characteristics DDGs XX% generic in that the bit DDG after you the risks of of see Was

answer Leslie question. let that I’ll

for you Thank that addressing value-added product. Yes. other

we traditional category, the product. into essence So, product it a when in protein becomes DDG protein fiber and the product XX% the take we move really

when those products to energy and of So, critical product most in ultimately that high of the density the formulation look at is the that’s – point. still ration really very is you

taking product, as more some applications we do on now particular said, are you better that to for But going while validation we interesting additional that could – to I actually will some lead right on data versus need see making we that start DDG. position. points product that some if still So, or that side-effects the

any doesn’t you like technologies alcohol-to-jet are what earlier and assessment you evaluating fit of might the bit there options to the the is is of volatility could out there, your good would airline aviation fuels cautious so more the few and that those? And be vegetable too industry fuel. view? approach cost of approach the about a much think a seems little in in you share be seem Do It a do them than Todd, but about have comments for your bio plants? your the And, that them given many oil-based alcohol-based sustainable competitive ethanol,

share I that’s that but game. long view, I think a

Plains Green then, we achieve to on in focus I medium so, industry produce what going can is to alcohol-to-jet. obviously and ultimately think, short this term And the is have we and for

well. I are it today available produce as several some and think we going seen it’s that technologies, some have from to that that developing are

than ethanol it was years I think protein, baselines as five on – plants it’s really what decarbonization, don’t to oil, buy I obviously it’s we today ago. think and in are doing what besides sugar then easy

also think want have up you great other It’s working coming making I going lots That’s think way. our on on out are on technologies are gone your everything are everything if that that’s deals of There with developing done great their corn-based I producers ethanol opportunities. on but gone work buy well. I being own energy to of differentiating but there prices one, us, few they’ve the of And with and everything some cellulosic is there being up. done as out doing. not more going maybe, that’s use, think really just your ethanol, lowering we because

some low future in care the fuel as of for think cellulosic. looking to are the I of this take markets that carbon industry

of as I going coming are your and renewable, be that are biomass wind plants. is, on on. powering go there to and everything we then think solar think and electricity I I alcohol-to-jet doing. mean of way, top that some we I got said, are then these heat – And

into it’s one and And first plants circular like it bio It the obviously all baseline in a with notwithstanding event going demand alcohol-to-jet. leading – So, that It’s doing, have it? will was is other because and five into requirements. producers And are think has to ago, That’s industry be there. about. I in we come time sustainable us. to the everything than capital baseline quarter programs probably all lower and ultimately demand the need good around fuel. also more biochemicals could It talked saw make somebody the But we’ve over the these best quarter moves obviously of that’s policy? be of baseline I go you for it? and What It starts significantly I it’s be two think put different to dextrose developed plants the are what policy to ultimately that volatility the think catalysts years ultimately, quarter. to and what But are the efficient products event does chemical make aviation think is cost some these and the and a to way everything going but different will in maybe is again. the the will this supply economy. down glucose next sustainable years a now I to are this fuel the of how we build come aviation much just the Actually of

protein all the we I fuel. If well. think in it ultimately used day jet of likely potential be little this every will in for carbon. opportunities than industry. are there, sugar day we games further oil for now today bit will as That’s end away think we it and right that’s –one But seeing probably it most participate had I would and a us – the you

you. Thank

Thanks.

Thank you.

comes question Please next of go Adam Goldman Samuelson from Sachs. Our ahead.

Good guys. everyone. Thanks. Hi morning

Adam. morning, Good

Morning.

and between So, technology, which clean if that kind wrap built, was it and XX% I like a for of the on few think sugar, for the together non-high updates question, term. of different this protein thinking of accelerated getting roadmap the of first rolling the facing are pro you on the we things kind next capital thinking how year up, some as new it sounds the on plants DCO+ the might really cost just it near these are kind restructure? in you if CapEx seeing What’s about to are plants inflation for are on even of And some projects? year latest next you

we inflation inflation aspect seen for retention across I’ll last the is, board attraction. Yeah, question yeah, on wage which in first, definitely seen our just the and – every have it business. of We’ve

opportunity a everybody but inflation. that’s I think seen

some to fact taken especially inflation our we watch Vegan. with our on of commodity locked the continue we’ve construction obviously, something in, the have seen of that think costs build, parts closely some that care with stuff of that I we’ve the we partnership on of we some other

some I where still DCO+, We we mean, I add what’s think faster, So it’s much we get DCO+, could onsite look because have a and have have around Fluid with the see we’ve just company alone XX that with But put let to that as up prices significant Green come getting quick labor and as the to is oil in had well, in expense night Quip done pro. other into And is technology – the mean Fairmont outside still beginning payback There we DCO+ past. as track Otterdale, Fluid somebody potentially margins really hidden every within system well. independents even about opportunity the more what oil quick talked think build payback. to this the want enquiries technology pressing the well. take has has it’s prices, of you I and We very our then, said we yes, so just shifts, it, parties, contribution at they’ve for great a our Patrich been working jam about. which they fast. we in Plains I the and three portfolios a to today, think as Plains Green at what Quip the to I and these year, And what if to are we of that. value want on Two is basically talk I’ll obviously, on from well as starting are it on this illustrates IP but in time, the in day because oil on, to second bought on current cap of question think where, incredible what can Minnesota look everything a you are take of and we and and it’s probably very a else free value which to at build really partners

itself portfolio Quip, of Green So, upside, of think up and of Quip’s to we opportunities are and I of and noise Fluid yes, for you want technology setting that these great on top that, the again, fuel. top is Plains IP company value that, great on Fluid but some we well. through economics past think we of have as But saw what on in do to Patrich, CapEx? comment moving I of get

remains for $XXX on fairly mentioned as solid depending construction $XXX our of Sure, schedules. the I million year guidance to earlier, million

protein some $XXX might sugar what year, development year? of including be that’s at things change not it are for about. clean it relates we that’s in following more other next the probably further Todd the respect that But maintenance and as cap, to looking is and to with any talking probably million, For

XXXX. some confident on to XXXX standpoint as our keeps Minnesota XXXX, to start of but that that starts which real to is when well so as positioned seen DCO+ everything But sheet a cash funded just, we’ve and from as are the us execute. we well major come and we we track, pushing gets through quick, is put in of contributor again project on are is projects a that’s So, to balance that on. numbers, John free going was generate why into Obviously, there, which we follow-up, Minnesota kind are

I can Alright. helpful. maybe often, That’s follow-up the just and markets a volatility there year-to-date. obviously Okay. And ethanol if switch on other question gears is

just to real things time is at the and the in Is harder that’s right U.S. Europe emerge of juncture over octane nice kind market refining, picture maybe how the bit providing kind cost One opportunities exports see incremental in a you of to seeing processing, are with, of little export the you kind especially data of this there. frame bet wondering that if now? with

year know huge to the a now. but don’t it’s I later starting it’s that of today, think I this in impact making part going

I quo. we basically status think are year-to-date, just

some – up have We Brazil. open seen are into

down You week. saw their last ethanol production

opportunity European sits around still octane think the there. I

for export. And some I this think the still challenging in I weather is just and still although gasoline full that service a also the consumer we’ve Part done industry, quarter some the dislocations some the ability are to buying terms see of of and to opportunities think right think move summer for – need season, summer into we is to driving ability again, is continue – of our of better get we expand. but in E-XX get and plants get us then which will these providing quarter, the of destination our I we grow the the bit it products this last getting driving kind at including out just pattern is now in that remains sell and of challenges for which markets plants across delayed. to

extra doesn’t capacity exports. is there is there there, stocks just out go it sell mean While to

but will the I there. demand think be So,

a think molecule standpoint. we very a a is that from in as where priced I are octane favorable world

or last am I so months the eight – months And the constructive of the of nine year for eight year.

color pass on. That it Thanks. helpful. is I’ll Okay. really

Thanks.

Thank you.

Our next Oppenheimer. Kristen Owen question comes from of

Your line is open.

Thank morning. you. Good

morning. Good

Shenandoah touched am could you wondering you around with to the Wood conversions kind you’ve that MSC been responses and a that the in at but Todd, put on if you’ve River. finer now able learning cycles just the at this point I achieve of provided,

this an year? of think tranche ramping you does throughput for that and about engineering next of what standpoint, the utilization from Just back in the as facilities half

moving is from technology a milling to question learn wet we milling systems, in run because it dry to a these something so, really more had it a lot. and expertise of that’s was our we was mean, milling. definitely Yeah, great that into dry I learned and how

wet workforce run is And who to miller up running head XX year and we these going our now so have forward. protein train understands technologies of our how operations a for

there can the protein, continue just protein and dialed we runs fixed all and little now, and learned to consistently dial in the terms as we now could what fly. towards up we day and too provide a design. and just those do have learned it with up we We’ve back higher a it to challenges, was lot. to high going but we how and been dial I running mechanical last do we now and do we if we of needed every mean, have it it plant rate in So at year, we’ve it some to we want dial needed Shenandoah fixes dial down it can on if and yields we that higher make engineering down

before XX then a as Wood sure the River while well. we is and learned we’d needed got to there. a entered started we’ve that to rate, River, and day little every we CPP, that get to deficiencies. do We we engineering. that We and them to took at So Pro trial. well wanted applied It us was similar. as up, rate make We’ve at running and there ever some plant realized some started lot those learnings somewhat Once Wood

River we start three? or went next we the So, at up trial. the those XX and to Pro operators will Where then, are training of Wood All Shenandoah.

to are systems. they So, understand run the The systems. ready

we think achieve it’s were learn XX operators starts now a the the how Central we plant to run each curve gets and up for and were are rate gets how and it valuable with full And and those example, So we thinking with and going are City want to up at well went learning those what started plants learnings as Central we up. we each as plant in each as as faster. there they do pro, plant able what rate when from and that, for that, very thinking to City dial the looking dial I about better to very, to down

the and we quality. operations now great is point that a So, have head a well as are lot where serious really of very protein a learnings, of but consistency workforce we as about at new

see just the I you but to my helpful. follow-up $XX Patrich, Thank That’s need million house much. folks invest side, do on mean, wondering, so fruition? to commercialization that million is need consistent you these called out side do And $XX order some another SG&A, spending simple actually of of come rate the very to more commercialization to question sort versus add you to you the in of opportunities question, but to in in

Yeah, this Todd is again.

up I cost think have mean, that when Yeah, we SG&A. bit. including how a the at, was we’ve plant looked gone corporate at little looked corporate? overall I

XX cost So board increase overall to all the we from but was wages in from that’s an not to made last sales – over across that’s people accounts corporate of to to the everyone portion and as investment we’ve XX% has. XX% bigger the everybody months traders the wages, IT seen

in So and steady – great good sales we marketing are building I inclusive what is around and structure a a technology. that think of we out was believe place right a now

And we we to Omaha. is see I in now and what have fill to base there. think to need we yeah, point to best a invite so, product are And get where of stages but our innovation anybody at come the between market York, our centers I Shenandoah,

a our so when have nutritionist want feed, is aquaculture $XXX, to some this product that the to now, you lab makes When that obviously, somebody mill talk and in for somebody $XXX in beneficial the from now feed fish, And PhD a protein of aspects about and aqua the everybody a of they that products pre-investment validated you a think whole can we so global somebody into an feeds that and commercial partners that have we benefit can that on. We have getting $X,XXX the the in aquaculture which three calls, talks sales and processes. to sell pre-invest. ton, or are technology people and did make I a for and our product marketing

at sell so this to prices. in quality And to that that have in, higher you high has like products but been invested invest

much. so you Thank

Thank you.

next from Craig question Capital comes Our of Irwin Partners. ROTH

Your is line open.

for Thanks Good my questions. taking morning.

of you any just for little outages end question turnarounds complete And maybe year? come driving the here. bit really if high Todd, could a of of kind So, talk XX a housekeeping online before color planned what either or second you do you with the now that the plants need to Can utilization behind you? the share today, and the this about is for us and about quarter season the in additional Project pro three summer end

pro high stillage The turn to take last stillage outages into whole traditional on when will on system don’t out flow question fermentation our pro plant bring instead the systems. we basically first. We system. – of high and just We there, of the flowing drier

So that’s one. number

care We March as run last little in up, I we part recently. are of happened April, in and lot rates during just think in and here speak this March our of lower last and outage basically a Shenandoah one leftover outages. the take and that especially a in And year then coming at and of bit was the April, – half

we year. of good half normal outages Those still are at go are for the of the already through year. a rest We’ll position really in So, last some the planned. the

run. we going are start think to to I So

run not subject is that to Our on start goal above area planned downtime. XX% basically in to XX% to

out, can seeing that’s speak really to can much we we much oil our as made as platform volatility these corn run are as rolling the protein we lower seeing so to just and as on it now going modernization think we Project and technologies of of our it XX in that out to focus So letting I and the forward, grinding of just and investments our plans. help after we’ve – the are we just operating we the plants right it and going saw get

oil I than If lead Thank specifically, at What was at you. in more much decline need reasonable? the same we are is think question, oil rest Port is which might months appreciate complex price My veg up does are flattish their volume It’s the but this range you the prices the pricing, look on more in we oil XX% when shortly a see the at the corn feedstock. highest usually year. do market. next basically over we say, question oil haven’t you trade-off is transact really oil in to few or I at palm The moved the but so rate, a path. almost think prices macro to the beginning is maybe, really coming the moment buy outlook of corn of last question. have online the from oil it I crude $X.XX constructive something and for many guess, in about others, for we yet look - palm you or you complex Arthur something to corn would we conservative done the have or the still $X.XX the deals that

Yeah, the reduced you we globally. I obviously obviously seeing bigger think in for think and upside I in going Ukraine of forward I dealing on are and the all South Canada forward, the these sun what U.S., could, in on it’s weather mean, obviously complex the of in reduced the feeds with seed on production, there oil with veg – season in is oils think curve I America especially planting acres, – are But here potential based obviously we oils. terms still

soy own or the some up after coming oil we little what market feedstocks are backward seeing others is to get see somewhat are supply and show demand in year, are of UCO a of their the versus talked some see half they and in bids bean you corn we new about driven starting the by chain. bit where basically what year going but it’s low the oils end the the of last so, to spot And the worrying on, you kello dated, carbon

strong, a we prices. as XX but oil to by bean to execute four much there, going oil a I after out position. really now of I going obviously is oil oil diesel good And predict which it’s a up it continuing good we at of get prices to remains veg good medium pretty out go can oil high, It’s like we are in or prices industry. which it’s believe as complex. production strong. our what to keep it’s in prices and have and the I come it’s technology get are And they built oil there remain of leads as place but corn energy see still So think to we fuel think set firm we will think for There and company looks a gas be too we strong or three one we and are price from and goes and can’t happens just built Diesel really, contribution well margin some in all going well term. this in as least whether a this If firm to – oil to renewable way terms we to are still I from we’ll in low, how being ton goes a position current are that to and the to and time a half remains figure one to corn. oil another obviously short but RD, and that are and obviously, left drive have we to continue quite still out sense if for way, down an running. remains is too as after XX as long ones veg that to the additional

So bullish overall overall oil position. our corn that’s I think to

Excellent. the Congrats strong execution. on

you. Thank

you. Thank

from comes question Craig-Hallum. Eric next of Stine Our

Your line is open.

Hey, good morning, everyone.

Morning.

Good morning.

here put sneak one whether maybe the it’s there do at platform? for – roll give What you Just thoughts plus XXXX plan, yields you if that beyond? you’ve end. XX% the and what to across out Can EBITDA your in the just would updated to were

Yes, becomes can building strategy I becomes a just because for the are building Pro become a thought only we me for XX doesn’t execute dose if a It product. an Pro, XX and we while always XX second, Pro, can for XX if commodity. ingredient. Pro we’re It we really

very different of there, opportunity. six attract And you in it, and start you a once very, so, from front hitting going with a

really going which we approximately that demand tons of the for think is about plant a to on. And base and XXX,XXX that’s to relative you come fermented is waiting much where to product there not have, so, are XX if product, more that products

obviously, So was not dream in the technology, technology that’s in only that why made did this that the obviously the itself, the because can we but is market high XX with the dream and opportunity to real which but which investment and assets the was Pro make we we plus accelerate and from away now we get how of did a these And it. still proteins it’s fast accelerate away are that. from function to even lower it

So when up you our start it a continue you look $XXX potentially all ton for from using can sky $XXX,or at like go this and want product you there. and – to a blue baseline

this are get can already we are built, some is we have from that and a quickly plants we not making have going from meal outlined be low. if there not This everything be quickly we in calls to still or so customers which But lot in – – how do it’s do how when, customers to going we not can the our of soy products get we $X.XX, of at would and our to obviously all asking great we to although work have the a meal see is sitting get, to we corn and or past gallons mind it, replacement our on. it’s those and way you Pro and the a or probably are get anymore, you us, But making possibility what that replacement oil that asking to get for billion protein could product. if well so do are diets seeing out is on prices you concentrate, – interest XXXX, and so, some XX is as we’ve think lot I You out as numbers are but there. to gluten a asked $X.XX can fish the are so, just a see to

product mill with usually a ultimately technology, X.X four do So, this protein this four is On are potentially we think and and get we bushel. of now per a Dry bushel four, unique we at believe exceed opportunity. pounds our unique at even you about doesn’t very bushel. really mill a pounds the pounds top can that wet higher

margins running a the in if volatility are because anything we think at we Pro of our and that a pound ultimately, going XX think much us sugar QX, believe anymore. just were answers And here maybe at position we unique on through and we I about some had on earlier but very all not we it’s order we’ve having we and there, we this ethanol so ethanol even we again, wouldn’t a our And negative oil of discussions low margins protein some that running questions $X.XX of the sway at run to even won’t stopping rate, doing, in seen, in that anymore. once be all discussion about are that notwithstanding even all ultimately have

Thanks. That’s helpful. Okay.

Thank you.

over Todd closing for like Sir? this to turn remarks. Thank time, I’d the At back you. Becker to call

everybody thanks to Obviously, a lot place. a on talk the we looking and are great for we Yeah, about. It’s thanks in call we forward, believe coming today. are

plants of rate. All the to our thing. back are That’s first

oil come able product Pro have first obviously some on and quarter conversion. margins are take of lows the advantage we of Our and obviously strong the of it’s the that corn off pricing to XX now with

build also XX in to continue customers We Pro.

working it a every from new and we indicated, to are we product multiple expect product. got As the customers now and It’s in approval are I day how our more new unique for after and a approaching we for of – on pet more we years audits food market. come

and we getting I And so, we keeps decarbonization, opportunities are with doesn’t that our accomplish that is And And when we XX you curve balance we that today think success. around ‘XX those set and positioned our I see can’t it that to with balance goals our margin stronger. think achieve into curve say to there strong of look sheet even ‘XX, well our leading well all up ’XX getting and at combine strategy. sugar nothing is with a a and XX, keeps obviously a way are and strong that sheet balance ultimately the and

Thank update you. for on quarter. today next thanks coming you So we’ll and the call

you participating call. conference and today’s now you concludes for Thank This disconnect. may