Darling Ingredients (DAR) 9 Aug 232023 Q2 Earnings call transcript

Good morning, and welcome to the Darling Ingredients Inc. Conference Call to Discuss the Company's Second Quarter 2023 Results. After the speakers’ prepared remarks, there will be a question-and-answers period and instructions to ask a question will be given at that time. Today’s call is being recorded.

I would now like to turn the call over to Ms. Guthrie. Suann ahead. go Please

you call. the Thank quarter Ingredients XXXX earnings for morning. Darling joining second Good

me are Chief with Mr. America. Executive John Here today Chief Matt Officer; and Stuewe, Bullock, Officer Mr. Chief Jansen, Chairman Chief Brad of Officer; Phillips, Strategy Financial Operating Mr. Mr. Officer; and Randall North C.

will a quarter second the release on Relations of under page news corporate Investor available. once Presentations our presentation it tab by slide Our and earnings be website call this and Events transcript XXXX on are joined and is available

call, During which about or will future this predictions, statements we statements, be making other are forward-looking events. projections

conference We These uncertainties. in Risk release call and statements our and that and XX-Q Actual and assumptions section results the this and not the comments reported update can Form forward-looking yesterday's do press Exchange made because to current are discussed undertake XX-K, based during of materially Securities expectations factors and risks filings duty are any with subject the to other Commission. differ Factors in statement. on any of

will hand Randy. call Now I over the to

By thanks, a accounts, adjusted morning, Suann. for call. Thanks us Darling our million Hey, EBITDA. second a earnings XXXX Ingredients everyone. for had record with fantastic quarter combined quarter joining $XXX.X Good all in

would $XX.X been $XXX.X negative a Gelnex the impact EBITDA quarter. inventory combined million adjusted have Excluding acquisition, million one-time due to our the second for

call, in we lower fat quarterly you our in translates discussed segment. EBITDA last As Feed I into told prices our lower

sheer by platform. scale segment is our to than the fuel offset it in our earnings more However, increased of due

oils were to power combined on strength the the with clearly renewable Diamond Diesel leverage first production vertical integrated and time we diesel best-in-class business, The you able see to the built was for of our fats machine. this This capacity the display Green waste have quarter. of in our quarter, history,

South over just raw our detail. to due up volumes quarter XXXX and closed American second acquisitions Now primarily material segment last were XX% that Ingredients the USA compared in rendering Feed to and Globally, to turning Eastern year.

in flat I a demand softening strong. held good fat saw gross to we very integration due continues efforts. our to report to margins complete. very pleased these as feel nearly continued XXXX protein head prices, QX we integration Despite prices efforts While specialty quarter. compared fat lower global to into ingredients our and be are third I'm that prices,

challenges we experience and some the place Capital been investments very While brings. raw due margin been also that summer product material heat, adjustments summer opportunities. yield well sales extreme to finished it's handle have made, to we've now in normal are optimized our modifications to put rendering the degradation and positioned have procurement completed and

business market gelatin remains due the Turning global Ingredients If to accounting one-time The impact million exclude Gelnex segment. Food collagen segment and the Food our robust. this quarter. $XX.X would $XX.X for have purchase million to EBITDA been acquisition, negative we inventory Specialty of

very efforts are well. integration going Our

these markets We and form us. and about opportunities offer excited scale one cross-pollinated are have the to long-term organizations we our

more Moving clearly EBITDA, Diesel per segment. from gallons a than diesel fuel lower quarter benefiting renewable to the record million $X.XX gallon at our with feedstock of approximately had sold Diamond Green prices. XXX

has from during been its DGD another $XX.X dividend quarter cash very completed to completed in turnaround, DGD DGD joint X received million nameplate above and the million subsequent is and to $XXX.X normal received the quarter we production its capacity. Darling running X well turnaround dividends close, the second and venture. back and cash

things our progressing first go late completion very we of if in very achievable. XXXX anticipate for We Construction during continue sold to in gallons nicely and Port is believe X.X diesel plant all renewable SAF is Arthur, as billion planned. XXXX

the turn Brad? over to and Now then call for continue outlook Brad that, XXXX. come I’d and with to like back an I’ll with

second Thanks, share billion Net diluted for sales. share second $X.XX million net quarter. Net the $XXX.X for were for of XXXX quarter totaled compared as per diluted or quarter in for to sales or or the quarter XXXX $XXX the a XXXX $X.XX income $X.XX XXXX per billion compared increase million Okay. the second second $X.XX Randy. to net income X.X%

primarily which $XX.X a This business, to of $XXX.X our inventory offset the for decrease $XXX.X $XX.X XXXX million million accounting million. to margin Operating Gelnex for included as million purchase $XXX.X more negative than of income Darling a $XX.X increased mentioned the of the million compared earnings for quarter increasing Diamond share due quarter in Green related one-time or the XXXX, of global to due second gross acquisition. to Randy second Diesel to ingredients million impact XX%

amortization as fiscal Additionally, of primarily quarter to SG&A depreciation each and and XXXX, about $XX acquisitions. to increased second million the the Gelnex FASA compared and due

in from million primarily $XX.X XXXX, Carolina as million fire. the XXXX result South QX to increased income million, Other increased $XX due moving $X.X to Now, increased to facility received insurance expense proceeds a Ward, results. in the non-operating QX indebtedness of acquisitions. due primarily Interest about for

taxes jurisdictions and effective biofuel to rate of income taxes. of second of quarter which primarily the statutory tax XX.X%, incentives second differs paid rates. of also quarter. rate federal of tax second income tax million earnings among recorded the a due quarter different turning million tax mix XXXX. in company The Now expense with company the is for relative $XX.X income for $XX from The to XX%, The the

an $XX.X has income quarter. million of XX.X%. paid The tax $XX months of end the second company the of million Darling income of of the six taxes as For ended also XXXX, July rate X, and effective tax recorded expense

taxes are we the XX% this approximately XXXX, approximately For of rate an effective remainder projecting million $XX of for year. tax and of cash

outstanding debt XXXX to second year total $X.X was as compared at $X.X company’s quarter XXXX. billion The at billion end

quarter was X.XXx. the leverage of second bank covenant ratio end Our at the

of facility for liquidity its of repurchase the to million $XXX.X million. XXX,XXX on repurchased is company Capital the and shares total for a million million million quarter second year-to-date Stock maintain approximately during quarter $XXX $X.X XXXX for $XXX available expenditures common totaled continue We strong second stock approximately revolving shares of The quarter. with XXX,XXX end. our $XX.X year-to-date. as credit

I’ll Randy, back to that, over it turn With you.

Brad. Thanks,

robust Diamond XXXX. remains Diesel world. to Green to will around have pricing lighter consistent and are QX business Fat in prices for QX I X. Our be volumes demand the with and back improvement Diamond bottomed Diesel QX Green compared turnaround at the of and remains and continued expect planned half due up moving the Protein

$X.XXX again EBITDA. are we year, guidance billion the adjusted For once reconfirming combined of our

DGD is the turnarounds the all be year. should completed operating ingredients has above nameplate business strong and global for Our and balance of

So let’s to with and Q&A. up it ahead go that, open

with Manav from Instructions] ahead. first [Operator is UBS. Please The question go Gupta

Good morning, team. and Randy

$XXX So of lot gave a to $XXX guidance, you end million in price XQ a XQ, the back, guidance. on beating we of came call volatility commodity during the at saw look actually that for and guidance of quarter your we the then million top still you

not and RD and question guidance the to model here new raise volatility us the business this decision beat just higher is So fats being DAR most better help and than with is, better withstand conservative? understand And to fuel prices, how again, the producers? other integrated a able is the little

Okay.

sequential a with – that guidance, an on the we a points at I think EBITDA basis the quarter. that two was stakeholders the million think little And think Divide lighter pound, was down Europe. And to somewhere or wanted $X.XX you run into And and Ultimately, fat quarter. Brazil, million earnings than between Feed one about $X.XX Manav. a in off three leave of were translates I to about of that we came by prices high in $XX $XX I if actually no, I in our the in provided appreciate million annualized you’re to at tons $XX end XXX,XXX and were we comment, more little today was segment, And four about million. the $XX more volume look the down the rate it. system. of prior

price. fat was it So all

we comfortable it around larger machine and both around to prices lower about benefit world able the we in the from to was from world. the also the Green from the as reason is Darling the guidance and out fat said, Now Diesel trying was but there than were because Diamond originates the that machine, provided, put Xx Darling

so, And to – seemed very pretty us. straightforward it was

John, you want to add anything to this?

Yes.

to really think the vertical is this hard see into integration that. Diamond I the essentially X.X with has part extra is added quarter able quarter state year feed stock your XXX interesting supply first its thing XXX that of at the million X.X probably looking the you’ve outside million, look renewable where gallons acquisitions. we’ve and at scaled gallons. around our with billion is the and much from first Darling scaled the to And on This now billion, second the Darling world been so

a run million into you when when down what now scaling is $XXX quite were we wins, going couple consistently see Diamond be told on that prices go where EBITDA rate, went little And up, is, to go Darling which bottom process million years $XXX exactly a line we prices the fat the but fat wins, to we’re when the frankly, we bit, is hitting of ago. Street

a still the like if $X SAF understanding do in profitability gallon early per you actually early, it’s make you can in So per ahead basis, SAF there. SAF will RD Perfect, process? to X.XX in more think here on in with the My follow-up make fully you updates quick understand be I’m is, sir. gallon you profitable are or $X trying think do like RD? moving It’s margin just EBITDA very than positive in but you you projects

mean, exist quite demand for I extremely most have a that to that SAF of Manav, limited around world industries this been supply are the promised it sky, airline we John. frankly, an there the don’t for the is and that is is market alternatives insatiable in the Yes. market ideas. the think and high Absolutely. SAF an

insatiable our us. have that coming already to to SAF. for We demand see going we’re So

We’re for going to this be premium receiving product. a

with from ahead. is go Please Stifel. question next The Derrick Whitfield

Good solid on another morning quarter. and congrats

Thanks, Derrick.

I wanted question, temperatures first to comments on operating my on areas. a the across record prepared ask question your seeing of several your For we’re

and you your how – QX this lower versus last during historically due compressed feedstock year fat so year? your your far this have noted, think margins you feed have general summer should As about yields. we preparedness in What experienced to

as free acids go challenges meaning you the that Yes. Always rendering in plant. processed summertime fatty degrades than get the are that it raw the the into quicker material quick or up, can

some not markets able premium that to therefore, the that. achieve of so serving And you’re you’re

around in I So the of world of the made a through issues the we’ve made month with over it through almost far far. so one-third – we’ve one-third now, so think very it – we’re August summer limited little

the at of moving quicker I we’re prices, up the as So U.S. than the little Derrick, rest coming bottom, end we’re the up. I said, fat mean back watching they watching, is of day they’re world. the a

I RD a Europe little in it think like of feels Clearly completed behind bit board we’ve available here yesterday. downtime lot the there’s a Diesel. just Green system been made unplanned been throughout fat that meeting we’ve The and moving And in some available now. Diamond Brazilian. up European then and a obviously side it’s got the bringing made to business Brazil

they not the at just little is seeing as slaughterhouses, It summer. a just of last a the as the seems it’s normal we’re end are there everybody for color What large out day, hot. year. But animal more bit were numbers the

at And of of has summer was great tell integrated the that’s I extra times as the get news bad so and would it from you last sometimes is day, day, the we been slaughterhouse in the the the down, that news. not end But as breaking tonnage good end year. at the

And The the feels is here now. good it of good on it’s tiny. but to little But kind is third stress yet, right than quarter’s system bad us. not less able we’ve been the over The nose we survive last punched a got news less news pretty for in better summer.

Matt, want add? to anything you

same efficiencies QX worked has to the I really in wrinkles over Randy. the Thanks, team year of ironed and the out some of say the the would compared of assets. in last months, some just getting last quarter XX especially improved, on hard Valley getting that Yes. some

go as this be through And so can to position good this as seasonal and in we’re period. warm we

would you beyond? demand follow-up, I even X billion the as lower could half next improved in that if ask focused market your existing How a elaborate you qualify SVO you then it’s supply feedstock the could level want to as imagine comments several my And already of to RD can’t cover CI construction the efficiency you U.S. would wanted gallons that’s second fundamentals operators on to I While Great. collection into over in to for improved, quarters? where has likely credit. frame the fat the and CFBC look global the demand and

me this way. Let answer question the

industry, As have to you in have the that’s most going And you you’re the we what at quite source long Diamond as fat able best always machine to frankly, Diesel. the be Green need. efficient,

of the maximize the for get the the our right because the market out fat. we’re is pre-treatment finished in there the different fat always supply the to capabilities and and So, markets going place us of value product, ability with to we’re to right

million number is which worried gallons not we And about so, production supply. frankly, of XXX interesting QX, in XXX levels million it source operated by our what’s this, million, it that and problem. fat at we’re X.X XXX that’s quite fat about the And multiply a a over And for take you machine the into four, billion get gallons. you if without we

reality a problem a with shortage the bad right with the machine. problem not places So for place the for the is a in in right It’s person is people machines. bad

The Jefferies. Ailani next Please ahead. Dushyant is go from with question

prioritize flow you taking coming for you my year you with remind cash on would how My the Could next Thank on is free us team. questions. for first flow one cash Hi, just DGD possibly? free in. distributions

so additional of is received million now of this now year. the the today we’ve Dushyant, between Yes. Brad. $XXX end we Yes, do the and year-to-date, anticipate distributions as

number along delever. with the priority continue our through of a is at – we year one integration this before, to said we’ve really minimum As end to

Xx anticipate, leverage will you the we where continued to we we do below decreased be not slightly it’ll – see cadence of So if end, see the at And we’re year end our that clearly in here the year through QX. at before. of

And second question then you. the capacity. was on my Thank Brilliant. DGD just

think nameplate you been have turnarounds guys I barring above you the have mentioned operating that capacity.

I So know, you think a terms capacity can of? DGD new, is of for there in can the we that limit don’t think what’s of

of Yes. This you in at multiply take QX did is a you and well in John. excess Well, X.X number get if look we I billion. by a mean, four, what

and do there a can a for be figure annualized if somebody produce that billion gallons for produce can Diamond going the annualized an on it’s And we’ve we to We’re scheduled math is always I billion there Certainly to low as year. going to on reality taking shouldn’t gallons. got X.X pure gallons downtime you operational XXX% X.X anybody do of that X.XX wouldn’t and in inefficiencies allow here capacity easy have never But Even operational hiccups. some capacity. X.X account Diamond pretty way run It’s think the to Diesel, excess basis. what is Diamond surprised machine at billion for an year from out basis. on Green surprise into hiccups are capacity I there, that years the on can’t this billion or what well

partner. can to always we’re aligned actually but their call in with it. sure make I in our billion, raise excess days acknowledge they But run of didn’t trying that ago, they XX we’re think about X.X it And

the I don’t of as you times the be to kind XXX gives four out it. that So says, what’s want there. of guy But reality raises John million

Research. Wolfe go Please Sam with question next is from The Margolin ahead.

Good morning, everybody.

Sam. Good morning,

competitive So capacity. have good you always a perspective guys really on

sort on of these profile in commissioning or We’re of the projects. startups of high some inning eighth

is system It’s a like be like is might the versus very soybean what’s using oil XXXX. reminiscent facility the marginal pre-treated sort of think wide. margin facility an I that between advantaged of spread interesting DGD that

now far facilities think guess, anything as as Or the of other like on affecting the aren’t seeing away in I of market really So or you the competition right feedstock and seeing sort the are side mostly startups that advantage pulling you feedstocks? do are now? you pre-treated we’re

material there pointed points They wasn’t moving for Well, markets guys us right out. a probably more that bit I resell here run, and embedded there’s the relevant much it little have that to available couple bought there you one, that feedstock resale up a out move Number can’t so up from if think now. it. are

a in oil – the to resell what they’re RBD having the the compression processing. with now crude operate call sense of because soybean there versus because spread RBD You’ve the even seen they to right I’m going out in champagne can’t

that play. and a The lowest all lowest a the other world Diamond to Green real thing that very becomes be the the the is very the the world. access is listeners Gulf price team in the Coast in fat world and optimize is that estate obvious it fat estate It’s real play gives on to to Diesel allows in commercial Brazil. the feedstocks price should Today,

moving part And some we’re Brazil, up there moving Europe’s are and coming so of boats too. in from world, over turnarounds in given more eastern back the feedstock from the

So ingredient it yet us, ultimately many pre-treat. affects, to business that the provide supplier us whole it’s about some as I is out specialty to try today. aren’t allowing for Darling model think There when to there fat can

And we the ultimately that talked so own about. arbitrage always we’ve

feedstock going a said think we reflect I I I’ve I of buy it it sell I were okay it everybody the ago think made they comment here for about to if and if allocate I Diesel, be going means pound would Diamond more. can there because and and supply cheaper year it it was for shortage be to how didn’t Green a can a on

so product world quality ultimately the we’re other from out today our selling And into both DGD we’re and products the system and that arbitrage moving people. exists to

or… that to you anything to add John, want

Yes.

those reports the every in always and years that’s out next frankly, think capacity coming same It’s it’s the read we’re riding three all quarter to talk the going about like reports be now there. a the well to up of how a run diesel renewable interesting companies to quarter quarter. going It’s next all get for machine. We’ve I press quite to and actually press about read come hard unicycle.

more are things operate. much These difficult to

out I period of find think a over that people time.

I think to guys those out machines. those always a it’s adds are These and assuming run year and interesting to stated and are Many efficiently. also three smart. coming that’s that capacity people two that turnarounds are running the of guys catalyst figure going everybody online got they’ve their up

figure will them over of Some it time. period a of out

you have put really, of the systems then systems really, list pre-treatment pre-treatment the actually to in amount put actually starts shrink catalyst people to And are shorten the list of the that that material machine, on protect fast. that when in the or really in pre-treating capable

So capacity there. of lot a there’s out discussion about

Quite frankly, an discussed business are. most us. different than of we that’s with the competing aren’t entirely being capacity They’re in

It in regardless the love going us in. we allows It And with we’re Darling and comfortable the We’re that’s allows to as marketplace. Diesel. Diamond we Green between says, vertical the It’s said were maximize arbitrage. feedstock to of the where position we business in the us, happens own we what that have we we’re and exactly lock Randy profitability be.

We’re extremely Darling the in and the machine Valero have people this of people comfortable from create work proud in to with extremely that allowed us the all machine. and the hard

actually I That’s helpful. follow-up. Understood. have super a don’t

very much. So thanks

is Andrew go from next The BMO. ahead. with Strelzik question Please

the contrast guidance, back be the I Good I’m of you take maybe year of annualize half would And that front first coming for that the charge, outlook half one, I year. and taking where guess the from if hoping great. that EBITDA Gelnex is, compare kind which guess morning. questions. of could ahead is half Thanks out running you first I I’m of the with My the

quarter half getting You ramps. lower better Valley’s also had DGD’s first in prices one Gelnex, only fat of the

front get hold? where not understand is there some you expect worse half back the in I’m to make strengths of to just I the So trying or half. guess I things relative outlook back half that to anything sure the the to

very to try segment, No, to segment number thing quarter-to-quarter. one, it’s difficult I predict think, to this

may years quality would out weaker just think we’ve pretty weaker. of I as to be my in couple prices I I Why? than proven to XX moving QX. so you Clearly contribute And And last the would going Because QX. think suggest close point third to over but fat be the that’s is fully historically been years. in will is quarter summer you, I always darn out. up, Gelnex rendering fiscal

the segment’s QX? segment not strong DGD question the if to we Feed many where how the in should can get improve system through at slightly so the Food going stronger, it’s – And today. And feed from ultimately be gallons is, the then

in DGD here. believe and in first down week of up August I the back July went came X

So the in we production of XX as missed XXX clearly something, – the XX said, production in John against XX, days million there QX.

contribution right where XX in business, with So it looks DGD, volume DGD the DGD of just by kind days specialty QX. stronger QX less be clearly improving and will holding now that’s the say ingredients And in has of we quarter pure margins business core than less the gallons. or into

So that it. way would would that I be frame the

that or… want anything to add John, to you

That’s exactly right.

Okay.

super the And other on margins. there’s Thank one there’s gap of what lot calculate out That’s would just then we or volatility, been helpful. Obviously to a always there. follow-up maybe numbers relative a DGD you.

cheapest You’re now. Brazil the being right feedstocks of talking about kind

should help DGD always today just and would economics from half? level like Thanks. the be perspective, setting back any so we how There’s or So a helpful. about can that think you gap the through

Yes.

balance the looks move tag that there? what $X.XX, up I John, no the the Spot sharply crude think oil business. says achievable. somewhere, in and for and mean, to have of what will we’ve margins for that know, is end think of little oil I of and in volatility of John widen John I this. bit I There’s $X.XX back year year, oil and heating range out lack don’t that you do to think $X.XX from want here. a balance $X.XX clearly there the pretty I a as I’ll or watched Hopefully – heating put margin.

around, to of Diamond’s end into we’re at amount a of we’re volatility have because that markets then a basis going different lot on have mean, moving massive $X.XX came time. of RVOs the oil the on and point I around. out gallon quarter-by-quarter the going margins news a that day, disastrous it. pricing you RINs in RINs market by out, we the the to RINs about the feedstock see heating got moving is after A since always And way, the we’ve on Yes. selling up that came

So we all right to it was what that’s in with play thought going be.

around move margins bit. a The little

of see chain of this X.X when because don’t You on XXX earnings a type in gallons quite $X, up happens on so to from we of out you a from being the the adds gallon. of basis, make less last differently. gallon supply The said used kind thing X.X high a that stuff, and Diamond math is huge XX running quarterly that you basis difference lead past, a the and conclusion even come making a to of only that million Diamond’s too Because quarter-by-quarter and little kind quarterly we’re a $X.XX gallons per on billion of I’ve Diamond fairly kind basis. stuff, over really lag the months, this to long, about that excited now it get or about a billion of

Please question go The Piper Todd Sandler. ahead. is with next from Ryan

margins feed on question Thanks. about your think business. and Maybe food we a as

the on You’ve Gelnex both food couple Proteins in on acquisitions a feed material and it’s the of side had side. those, the others Valley and

the was a business in Food XX%. margin it little down margin but held still flat adjusted charge, the it gross feed inventory sequentially. – around bit, looked like been for would’ve You

the about food in and XX%, one As we are side? those the Or maybe of would feed post-acquisitions that acquisitions same to drive the the XX% should those – there way way still margins things still there think the margin or kind right about think other? these the post on the food expect we or are

efficiency. formulas North Valley the Yes. progress are indicative segment, I in of many think been were we American the things there mean, quarter-over-quarter. Clearly there held and that the think made reliability that Proteins raw to has percentage those happening. changing I integration as had take to the acquisition. of to gross Feed adjustments and things said margin material mean, I that’s attrition operating happen many of labor yield just from And I

there. work Still do some to

until we feel in we system reminded next this got of the end some more we’ve year While not that formulas plan in people, XXXX. year, the are one changeable one and our material as of then complete, raw that

So that laid integration bit. But always short, story the was in XXXX out a now day margins that plan have the quite long business that that improved there.

You’ve seen that.

I So consistent we’re there. pretty think

In seeing you’re achievable of think what is the symbolic segment, yes, Food what’s I pretty there.

Gelnex to And continue We see driving time through. move the over didn’t were work geographies what’s told peptide. we consistent those that products you’ll that’s way we operate mix better margins being in. its And and many That’s as collagen – our product different people, more the there. or towards margins that clearly, in of the

it’s core with So, symbolic of QX better than I my being think ingredients. comments core QX would and think ingredients I pretty consistent that Ryan, be

follow-up one Great. on. Thank you. And then maybe

for during sector thoughts on briefly, final You in it takeaways quarter. maybe the that Any just made some as you came look few business? biofuel comments guidance forward years? means the What RVO from final next guidance? your out but over the about general it the And

that Yes, days headlines it couple sorts marketplace of for. about for was went back that’s terrible, sudden rotten. has a awful of And we rule in John. RVO come dip internally, out is with great. of the RVO, disappointing, RINs well, were and all of like, had of the what hoping then when were all I And right market gone we up. of the course, the at a up line Kind This that end since saw because mean, interesting day, we

see a to prices, XX% keep RINs is. psychology depending to When a The forward what the will through. every They’ve year the you what XXX in puts managing And massively effective on do at that reality marketplace to is that the EPA $X.XX is this. the RINs of a out the fairly on while $X.XX is bank you read look document basis. page painful moment been this so,

time the makings. hit The for didn’t refinery exemptions EPA with field right that in unable out is of to and of was the came predict a work big previous when marketplace small RINs demand with the destruction EPA their left only rule the that

end stable, this it or us. nice the it a thing’s right very been wants to So which at be, EPA the is managed the it like, day, condition to has market seems of for where

the a for and have for It’s there The out a nice too folks margin not great is it. adoptable cost very of market and product out to the able market marketplace. we’re

it very works So well.

We’re very particular, within And diesel positioning that RVO came it’s with out. how Renewable out. profile came pleased RVO that great that just in

So it when lot. a the didn’t. We we surprised were liked marketplace

is Sachs. ahead. go from Samuelson question Goldman next The with Please Adam

Yes. Good morning, everyone. Thank you.

Good morning.

Maybe could kind on made. comment John, you of last that maybe just that if follow I

and parts producers BTC full ultimately see diesel that has you they different the we now XXXX people of to the Do changes the pricing that RIN on marketplace? this to conventional biodiesel XXZ either currently shift biodiesel that enjoy. and As renewable think risk about existing or kind of producers existing portion credit tax by won’t of the the get where the – As move credits paradigm as that kind in are of you that potential filled or out? earning gap get other on the that partial

interesting So the piece legislation. very is a XXZ of

deciding credit, the day, as tax the in right. when how the you’re exactly think surprised people extend. were late the went they they I to income producer the end credit to back it of game tax At

adjust credit. see on do that I tax You

absolute an when well, look you get you’re So it $X. to you less at than going can basis, on say,

about loved it for Here’s what we Darling.

we’ve adds in low that Diesel always taking is Green in the Diesel all up and LCFS of Diamond adjusted maximizes to of What CI the feedstocks. the CI diesel the in it programs, matter we feedstock capable the can is of the world. value is enjoyed this that turning fat produce. produce Darling and value what renewable low maximizes value our of CI into Green concept highest that Fact Diamond

That one America. product just with versus end be of the piece just Diesel into day, into That’s in implemented now another greater And And to can to context defined consider other Again, largest time. alternatives federal the States in team diesel our and America, Darling. of competitive that United margins supply – United of for States be producer we Diamond Green the advantage we of structure. are credit. means for win biomass-based That is the a thing by same advantage saw What tax at producer’s in has was over is to the XXZ this the the going legislation. that produced concept got our it’s huge the advantage incentive marketplace. are the the

that John, the we the I time same to Adam also be that or relative the feedstock the at in then And play, producer’s and peak we’re SAF into when think – – and XXZ low market. by tax low favors And that to, to arbitrage absolutely going hit credit comes hold CI CI SAF.

you’re margins think adjust just the premium profitable, to say optimizing right And not plays green future the that I here. or here. think less think be I call going whether We this now. that have about that the it’s thinking RD, the SAF the are I $X, that lot spend know I or between maybe. as keep don’t us profitability time it a drives for to internally, think will producer is of anybody markets a static, to getting to of don’t So around $X.XX we thinking But into we marginal be, $X than what

they’ve or on as well last transferability And or Adam, since under spread, we ruled since rule. the time quarter, allow that spoke the last

So that’s more flexibility from incentive it tax perspective. gives a

And But forward? helpful. capital a forward? that Obviously, current last whether that way would how in and volatility in kind SAF kind the one payout look that JV. cash in of of of material a of July is kind the business third was Should the of power moving some the of at at and earnings against just I the kind Okay. at that another a follow-up happened the operating spend distributions anything And of that’s obviously progress few CapEx rates kind kind moving production and indication distributions for being we there of alter will kind that plant in on of or the in have August. No, quarter, allocation. months DGD received the June if you’ve total could cumulative reasonable

important think power obviously Board tag to earnings And bit. show Yes. I Diamond me, to it this I also you important Green team Street to was of Brad our I’ll start and mean, and to the to a little the to and Diesel those bring dividends.

of million Blender’s from million, the for cash down in Diamond Credit But clearly X in. comes was joint comes And the month, we’ll check excess here and Diesel on use Tax subsequent cash. turnaround major a that the another so, most venture QX, $XX in as Green goes $XXX July

And of want And move do able and so it. calculation at to calculation a the calculation. the of is to a then Brad, what end what to quarterly gets month see you instead Brad’s we’ll ultimately, that monthly been made do add? this

it continue, picture, I you’re Adam, back hit at know I but line the repay there’s going in each on. The a out, what you revolving the thing calculation the to short you you but if just here month That’s that And a real outstanding. hold cash, on a right period you year. think and some working was for I capital point is look should if think big with only cadence Randy it, on

big and So year, when and kind the it DGD say of big of we're what seeing X, we I'd to that scheme flows going cash for the particularly in the it’s to how the be, Randy total seen of we've year movements, ballpark, the X, to the things is Those the of end get for depending say. what’s big but exactly is of hard big machine kind on year, year. are of this John’s the in at BTC X. rest of mentioned timing, end

think that. to into back I the speaking of can all the I and that EBITDA crumbs the the of number think end on we're at the kind number bread trying then And and Yes. leverage put by hard, just being of ultimate Xx you below year mean of you a Adam. I all number it clearly, of against I've given

And so it Xx, that we've clearly put some below that's in we'll way. leverage, distribution. be said I additional our factoring

question from ahead. go Kallo next Please Ben with is The Baird.

I guys. together, going just next until around you're but year, Randy. know everything. everything morning, John. congrats Maybe Congrats, maybe good on to Hey, Gelnex,

we had we one-timer get You just going are question – And to a see lot the the here. is more those. of

have related end ball, And of acquisitions the the as them. tunnel one-time most kind light you know – see crystal of kind so I don't but the a with look out to things of are as we you

Yes, third for amount. speak speak Ben, amounts I'll were is up really to the July. Brad. We clearly minimis. this about QX in significant month acquisitions a de as here. this of just have we'll had they the other is just really smaller them didn't It's What because of

we want speaking towards even to it. really So be

is, it. So that XX.X% I know, don't of XX%

the ball, moving finishing it's so operating you, to got operating down integration, answer focus just said, one a million, that's Gelnex that's as paying do another we to computer around laser over. debt. I Yes, of – the on world – $X system Ben. our then we million $X.X yes, We have crystal inventory, and now, and we're And is

because the this thing think Gelnex. question one your bigger And But growth business? a I some your previous to talked part on a and know us margin you customer you collagen just base becoming as of how in about you or I just is guys top just kind talk bit, you could who line growth of that customer business, question previous is about just or answered well. in but of envision a about

I from collagen, we a capacity mean, became to gelatin we gelatin moved it our our B, mix the product to was, acquire clearly, decision system available; Yes. were of in as out Gelnex A, straight around mix.

closed of me into ledger, were opportunity look see more business and it a in weren't. was, what pretty and the as also a things became to they doing got And fascinating we with deep in that my dive was customers or the one geographies sales started ag to so the career America we on interesting it business North and always, we for lot food as of was

I – little, I overlap. had when very say very we So mean, little little

efficient, and They're base are. one Indiana, our plants a fun products. world four in product part then those customer gives us our So grew. to around the one of very chance and geographic Brazil in The is up movements optimize mix Paraguay with where Portage,

their bullish has and and to he's something them, the to is operations. now our I operating Gelnex integration – very, other earlier of Cabral moved is my very thing manager I very, managers charge was of here, of going in Rousselot run I He's the there moved very Ricardo team case, comments a cross-pollination sit America, the to the all in and think team seat in we're think operations. Darling, well. and In sales of European from get very that. of learn that proud the operations lot was my the big our Clearly, I'm out worldwide of North to And the on. the go

going isn't ledger The solid. right is now. It well really very very, sales

collagen the Phase X. Phase businesses about the were about as move into over you're we'll vehicles more capacity be peptides. going The I the this to the X, active and comment in other coming global hear and help we of we system our would thing of – move completion active X Phase Genex that, the area, is to growth about needed to of peptide the potential us talking of kind year more

The that's other piece business continued underneath in China. performance is our this strong

want over And a pharma the grow of ultimately, is And in we're plant year that for and in John, China I business. call add China clearly, bit the it, rapidly nutraceuticals to as health growing add Northern to going bone care. this, very looks anything little in supplements and we you or population the that business, coming mean? our capacity China gelatin pharmaceutical to from as to ultimately

to a Gelnex up part with the at in location Randy about Darling entire the money, it. Gelnex and in makes us set that wonderful but and of it's always system, No. the fabulous the in Group We're to Rousselot as of mean, organization, people mentioned, fabulous, I about America. years having already a in a is South benefit organization the talent come. only picked not has we That's really as going fabulous, the excited besides end has and fabulous throughout Gelnex fabulous it day,

Ben is go question from ahead. Stephens. with next Bienvenu The Please

ask business and model my first little what in the quite to of as to vertical Thanks the solid think despite was a that of, really in from is some taking you Hi, highlighted, good for lot the I earnings integration of morning. the the year, bit maybe remarkable. context the demonstrated volatility want power of a I consistency questions. you benefits half

this think how you of the it business now you as various grow over And allocating have advantage you decade, the about competitive the the you to so business segments way this the of and do how do today think intertwine? they about to next down a that proportions machine And road? balanced and capital being like cash a wanting in maintain

concentration. pretty I with Yes. mean, of tag team placed little Randy, I This and team I at mean, a in a I bet clearly, lot time the bit is think a I'll spent geographic here. Brazil. looking – sizable we

and and been rendering waiting it enter think bullish there. of gelatin the opportunity I on collagen for Brazil grow we've here a lot core business to the and right the years

exposure Because to water increased believe we've and possesses and be. land, produce clearly, to there. ability Why? that, people that to animals, we more our and where we country the So continue that's want

we – Brazil. will bet that placed to we clearly, in mean I grow continue So

north a We'll east business. very, to west. it's very large continue I mean, to expand the rendering to south, country,

We're give deeper tensions over there. look time, deserves right political think bringing plants so a then I ease China clearly, it mean, and will now I lot a us time. opportunity. total portfolio, as our speak on ultimately, more more I And a couple Africa, as as at over look potentially still we

question in our growth is what Europe. strategy, energy green So clearly, becomes, the

year potentially some then see this greenfield. both And in area, that and from X.X. You'll digester SAF us expansion additional growth ultimately,

as mean, now X.X demand, ultimately, laid you on addition hoping the for John's three we'll fits. saw number word I'm build then out Green develops mean, And as the [ph] but margins Diesel Aptly were I love and for market studying seeing I a clearly, we're unit, and the rendering. insatiable I number that depend Diamond right insatiable there. for decision Core how announcement. X of it will that X where not Butterball

we're talked where active couple a working ultimately, market then that the and And as both plant about out the growth. right domestically for we we're peptide collagen, more internationally There's and there gelatin, there. moving rendering on now,

we So gives the Coast. this here we remember, for have feel feedstocks But Ultimately, Gulf on growth of trajectory as on grows investment. the real estate good DGD the consider said to really global announcement market mean SAF confidence about you to X. business. the side, the now clearly, us our in DGD grows X.X or I that opportunity or no that originating as market as

And as cash got do then on want table X.Xx a should to We've Brad, you to XXXX. as decision we the get that to puts the dividend add. allocations be, of that start again end John, And to leverage ultimately, could back Board Brad, and guys to we nearly by is want as where anything that the which evaluating be made once at time. going we're what with be achievable it.

changing is potentially second thinking are you Thanks compliance look LCFS good. Randy. My is Very think that make the through related market like ahead to for determination? and what runway markets. you the Okay. standards as to and LCFS California question they're what What to just the considerations

to they try figure This mapping the is John. to go. I right process mean, obviously, they're where going through now out

of frankly, CARB credit of one little their feedstock low that CI ability have a they the ton probably additional forward the mandates to they marketplace. figured and great that's that's out the quite type spectacularly, $XX news has works the think is that California that, low the program incremental $XX I know to out accelerate in going a of they a create to that want things

the show rulemaking direction a in that's anticipate the with would come that going. to really they'll California. that, We demand forward that's we going like And increase good very

the would future in position of the the there. demand pattern what anticipate CARB that going good think those we a substantially all that looks job seems on I nice sent would. set a They mandates that and the growth but they supply like, it increase to evaluating signals to we're have and right can do forward, it had and capabilities really

you can hear me? Hey,

Yes, go ahead, Ben.

volumes recent talk wanted there I Thanks. follow on X%. poultry your that rendering up Could you'll to came be how be additional about feed new this by the would Butterball It about? a you announcement. opportunities building apologies. deal My Butterball? for about whether plant might sounds raise like And

this is we've model started. that Well, a

it in ago Foods two-thirds and business now. half transportation in is ultimately, perishable Pocahontas, seven item cases. on years probably that's gets Peco somewhere Ohio. and Winesburg, this to one hand Foods it's think a with we And with Case as Arkansas I a between some water said, water in logistics five to

we way and a to so long factory. hauling Butterball just And were made it our

ago of year handle Armageddon new the the had system. sense trying a As to Valley we you poultry the tonnage today, know, all in in clearly,

additional Delmarva pressure and our and And some improved in just then site, our of off tonnage so third-party ability we them to them because to Coast capacity site, economics of were their tonnage help the grow. either give some going take on Butterball to have the handle build and became a candidate into internally the tonnage East to a

are these fabulous So really just deals.

down it up Cattlemen's transportation heritage just as heritage you trucking really is mean, the Cattlemen's gets of to cheap announce And to as in be. what not I or us same savings, that's Nebraska, saw deal. used type it

and world. money agreement to – freight and the plant. our to our does equipment on building of around tonnage, And sense system land, at it with marketing okay, then spending line who's the looking look both a always long-term our concentration economics of a you our expertise they're and as product and we're to and operating their So case, this in better make and say, capacity build rendering optimize our where what

Sounds down Gelnex QX? are to going quarter-over-quarter understand more Food hit, in And segment you QX with so one-time. $XXX on about $XXX little how were to for a talk surprised food? it there things Gelnex range. rate But in the see million I far which in would you still color the rolling just the even good. inventory was run I is be And have could then do the we million guess, annual in, EBITDA

Yes. mean, I mean, QX, I got the to XX.X%. you add back

segment. the of quarter-over-quarter business, followed the of casings the was Food And there's fats animal that up business. the heparin edible the business. and edible down. a Remember, nicely would Gelnex three in You representative fat see There's Rousselot There's it then the complex fats animal the there's contribution. components rest and

now. So there's a And quarter-over-quarter, Russian-Ukraine then was there. casings there that's business and reduction sales that to the bit a little little of bit issue aren't in the lower right the Russian related

we're we're So what at we're quarter here. on you I run levels post Gelnex And would inventory rate we the and final contribute at – I saw the that charge million QX, we operating would. thought $XX.X yes, the that can least at $XX back we that in said at tell the million July that rate,

the the about this can I XX So with you quarter. give at that's only color days into time

Please go ahead. JPMorgan. with Palmer Tom from is question next The

in. depreciation me squeezing got your to for I wanted you've thanks but up. Diamond at Diesel. was Green and on figure morning I project ramping just below Good expectations The SAF expense, know QX ask the CapEx

be in the just So back helpful. that color progresses how any maybe half on would

Tom. I'm understand the I not sure question,

Sure. expenditures. Capital

ramp back up. expenditure in rather but the half, capital Diamond I your quarter, the were SAF starting Just plans second in at Green Diesel the to know low is project they

I got it.

Diamond we SAF we're and X that. flow But and project. in the Green cash money out that think Diamond on an in yes, been Diesel spending will each X, to on when SAF the have we CapEx the going that a year see compared drops is no, even little but CapEx out on of the Diamond the the we spend flow we to we've the Diesel money aren't we've these pond. going of we're cash But point as rate Green that of have some still increasing year turnarounds Diesel had building project, I out next see of it. run majority of majority on true So Green It's the bigger terms

Diamond. out to Diesel coming So dividends cash stopped gives we've tremendously confidence the Green free Green that the we'll out forward. massive increases Diamond expansion within as process us see that continue going of Diesel Diamond of flow And

more Thanks determine Okay. formal dividend to of you I'll on the comment. I in a that. up that just had Maybe but some covered this distributions. magnitude criteria know of for the already, you follow past,

perhaps a XXXX. time go extent we if determines at around? there's like this Maybe Maybe more coming place XXXX, think it of might at some back quarters. anticipate of but what that seem point in I to missed the And to I like it, payouts something policy this formal doesn't magnitude kind we point. in

Tom, Yes, this is Brad.

you're a now. probably think referencing terms of size of cash what to years million previously won't I couple smaller $XX number up the I hold. a you're is of I of bit the previously a of when – we but That to think, a that's, ago maybe speak number was specific the in kind due that DGD at. machine driving really number

rather we is the So quarterly. monthly a – – mentioned, of to went than a largely that mechanics but Randy

ago. same it's a quarters done number than was But by items, large, significant So other still of way. the that a move those and

the when factoring it down in facility remainder down the be be in, tag CapEx to and distributions just thing, was on the factored it have for about presumed referencing paid think there. what John we And pay projected we Diamond, at the we clear, will for just to or what we on of to or the the the distributions of other terms in to in I calculation reference are toward CapEx want And be. revolving that be to year,

some hope you. that So of helps

ahead. The next go Please question Scotia is Bank. from Paul with Cheng

guys. morning, Randy, go want back. you. Thank to Good I

that the we growth on business business. share about your what should of with the that, you collagen that plan. the legacy look also that X can And and You may so idea business mean, Phase that, at I be margin improvement mentioned the on us comparing mean, that have we timeline watching? milestones I kind overall about on that the can how like is margin business that if what the to new some you on talk least the Can

doing and product reaction collagen studies on at R&D today at mean moment we're early clinicals and different a line this excitement the that marketed today, an the over applications about than that kind gives doing work being gets been and peptides body what area. lot level then if that's It is on you've today peptides. mean, you breathtaking. at volumes public meaning for worked that been body, those in of peptide us think be this discussed taking different concentrating just of the believe days isolating that human the during even just the think our is that? or way of the that's I better But are too to The are innovation we've want do today, John, in working – they're area. peptides, separated. what of I to the and clearly, being Yes. to it some gelatin released they've commodity add the that margin about aggregation you absolutely substantially will I not

where is of as customer Darling terms an can we at how out figure change figure new peptides, products trying this in and these a base these and We continuation able to about constantly the something just develop and created over peptides It to out supply think company develop this demand to you a to and a of growth. innovation what higher happen on our there is XX years. record else being just supply peptide know doing what is chains example think out market takes is for, working margins the be we've in it's got out to there day active we've active I of not continuing innovation a track opportunity going is think been on to this this doesn't straight always the stream. active line. time the past happen good going these Everything on got phenomenal We've there's dug tremendous day. to a organization and we're happen

hair in product putting it think or peptide I if a from grouping just broad in really but out today, taking solution Yes. listed words it's mean, lubricity, proteins, I've bar, mean, AXc out heard treatment. as growth, management. a retention, that on collagen worked specific protein collagen you're would seeing just the and we're words Paul, that's purpose, for of gut peptide. nail even a of health. vital seeing in The stuff here joint you ultimately heard being be that – I heard dementia I've I've there it, about sense

the it into it's will what so premium a that or long And of what command get means today. all And it area, product that use the but runway working there, put ingredients, can a of broadens we to products that doing is, in hard our while we're specificity world. those the ingredient around our given to number we're

big big so – excited are goes. those from clearly it where has peptide seven, see ago, But see. was. we'll got how and eight here, collagen it, know out years absolutely it we'll market we're we wasn't a about benefits how says This and fad. it our But this research didn't the just And isn't medical markets proven

John, the are the FDA where products with maybe some you this of and approval some are point? X? product research go don't they Phase think the I that know through for Randy may go the I university doing you at when first think on to then or Hey

at I petitions want we the you time. several that's world time. been There add. products. But John, at for of received to guess, approval would this are patents There comment several these to like this out around all have anything there

That's exactly discuss stuff right. we're not intending We try to the on patenting.

The Cowen. next is Gabelman question TD with go Please from Jason ahead,

Hi, for my good taking questions. morning. Thanks

on to be a company's are impact I of The business? prices earnings. marketplace were lower fee And want for to fact going last true the Or understanding the the a here your on to negative offsets inverse quarter comments some is call, Randy, first benefit the the just and be or of? of kind just now net to the that we your prices feed that feed earnings should feed rebounded one prices overall discussed get the in have on prices is that net you there overall going are higher the business. aware

follow-up about if XXXX year, about could benchmark $X.X think half my fair on is a make about for EBITDA, going assumption see, pricing next you we get we think or things then we annualize obviously is on as remains think Is some EBITDA XXXX, underlying that that to just which And business should second to the you. know about billion. are I as assuming to we well? flat, Thank in there other big a

No.

on depending get look divide you at And and that a you down pound be prices say no, I to my was of globally US$XX the I it say once $XX $XX and at to how by million say thing to four fog translates were that crystal I the think the But is, geography. into I bit. US$XX the million that much fat a million to ultimately, day, and got Feed This million where good just annually of and reiterate again questions, $X.XX want little end okay, try segment EBITDA, in to I Jason. down? might a ball $X.XX think you

volume. million. XXX,XXX It was what lower prior was the than was down say, Volume $XX Then tons was you quarter. in well, it

of kind so makes end And day, sense. at of the it the

out coming North America, come priced to Now days already. pipeline, into the as XX whether been QX, DGD of into Europe, it's XX it has Brazil we for or remember

grease until see September we pricing yellow or fat won't pickup system So because animal our the prices the into lag. probably in of UCO or

So towards bit you yes, carry that's other momentum that at going the look it. the of QX, segment talked a little positive the about, fat – as we play that will of QX. in to has be end and into Food And that thing will

down, back. So it's it's coming but

QX back and basically to Diesel, It's Green a off-line. $XX capacity, is quite up. from oil was. up XXX it what going at oil two look crude XXX watching heating also a for was you bit plant and July, gallon it we're a barrel, then up that's million, And million was in back so is offline it's Diamond And number at –

higher other want feedstock exactly end not day, prices, crude both businesses you they're John, to? each of oil could in the I prices do you in where offsetting have improved think sense. perfectly situation So But at got the you've the a benefit.

out seen is you combined vertical see that's the continue significant anticipate look Diamond at down gallons fat combined strong Darling's end And Green fat business this, producing X.X we've and to at think we goes going what vertical, you a you in have one-to-one when up is rebound. Diesel, to the price. when is prices billion look we what see you we're extremely I day, core billion at the of what earnings, no, adjustments profitability down as and you to correlation feedstock seen fat there as always goes Well, not business X.X the of But profitability. when the core Diamond's see

point. up, very Randy in seen six LCFS been important oil had slightly past market a a gallon has been by RINs go stable. But to heating or weeks. we've the the have $X.XX stable up five

but fat prices on yes, we are on So has going up. baseline sell which up, renewable been going the

Darling sides Diesel. as we as So and degree, of in circumstances with which the with both some to here condition, benefit wall Green in Diamond stable margins on are there

the to back because vertical chain. some flux we're of we vertical, combined So own and benefit that forth to out entity going – the is going see but

big that message. is think of the end at day the I the

with Please The from ahead. Anthony go Baldwin next question Securities. is Bill Baldwin

morning. good Yes,

Just one the areas. quick of

the mean, has going poultry in here your With regarding out in could there? customers any plants. I Randy, the with color, to that up your see their wanted volumes I shutting some – shutting with some of down benefit potentially just and any pick Do this down Tyson on poultry the what's issues of them that U.S. volume plants

older, their cost That's some speed inside on I that baseball chain but be up higher closed four – to clearly, efficient they're and John mean, clearly, at the John levels plants number are mean, one. the have Tyson of not more of billion clear the labor plants plants have I speed would what and I'm I that. $X consider on that, don't that Yes. have the challenge, automation. delivering been about higher and

country companies. I seen. been East the think from most and – up poultry some world, volume expansion. this the some profitable clearly has two though poultry yes, on we the of And clearly, closures I probably means picked have by there with this this of the happening. and has no Coast symbolic is some seeing that, Number longest, hearing you're mean is still it that food move cycle the meat are volumes that is around We're

a at recessionary lower as really that move were some the not now We're some plants have some available. have tonnage deal up and – inflationary different But some freight around volume around. giant out the us. people abroad. there costs these it's optimize day, But always when picked to and feeling going to it's You're pressures here of decided moved looking of tonnage to for it's end yes, we

we yes, is benefited. answer the So have

I what just question, timetable impact think and Brazil second kind increase on Randy. know your will quantify overall rendering some those and plants on what completed, new going Can number got some that you with initiatives or be as you on processing place kind when of take And to completed? with when of color capacity your this volume capacity a areas. expanding capacity you've kind plants, of in of will of other could are all give have

put just starting couple won't coming XXXX, plants Polish hopefully That close Cattlemen's The in Poland. three should wait couple a that this to got expanding authorities in hard poultry number until Heritage the moment. up a to online, We've on quarter. be to more on antitrust this we plants a Brazil, It's of won't at real in happen on be thing one Brazil. until of continue plants Butterball on the on XXXX.

a would flood good frame be the before pretty a XXXX, that time XXXX it's of of So late it's around transparent. for most growth it But really country.

growth mean, X%. but a you one to growing. still averaging been at acquisitions I right last It as think of retraces X% look feels little five years, world now I and kind we've two So aside, bit, the we're we're back the between like

like any closing would session. question-and-answer to turn to conference back Randy I for our concludes the This over remarks.

Hey, thanks, everybody, today. for questions your

website. we'll our September, few which a conferences are know, in you listed on As be attending

great any As to being to call. That and Have feel free out on appreciate reach questions, always, concludes day everybody and stay the Suann call. safe. a our

conference The you Thank today's now has concluded. for attending presentation.

now You disconnect. may