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Aemetis (AMTX)

Participants
Todd Waltz Executive Vice President and Chief Financial Officer
Eric McAfee Founder, Chairman and Chief Executive Officer
Ed Woo Ascendiant Capital
Call transcript
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Operator

Ladies and gentlemen, welcome to the Aemetis Third Quarter 2019 Earnings Review Conference Call. At this time, all participants are in a listen-only mode. And a brief question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. President Financial Vice Inc. of Executive Waltz, and Officer Chief Aemetis, Todd Mr. you begin. Waltz, may

Todd Waltz

homepage. Jim. on Aemetis Commission, This website for Thank earnings to the conference release, Welcome you, the calls. filing presentation, releases the call. review earnings or with suggest review and updated to earning corporate review and third available We visiting press aemetis.com presentation our Exchange aemetis.com is at Securities today’s download press recent conference XXXX quarter previous

we today, the Before discussion following disclaimer read our like to begin I’d statement.

with with be statements, execution During the to today’s considered making plans, respect be stock call, with opportunities must and activities of that future appear and we’ll call our differ including to Investors forward-looking without and events conjunction financing expectations statements business the limitations statements filings. plan. SEC all our and that performance, this statements materially made respect the cautioned made. These on our uncertainties future warnings are and cautionary in that involve statements may from risks forward-looking disclosures in

Commission please the For Exchange Security company and available on which charge. and are the posted without company’s information, refer our from to website additional filings, are

expense, amortization expense, loss loss on on on to share-based call in a defined income; expense, our Our such the extent earnings income litigation release based calculating net included will expense, XX, is tax review deduced on net the measures expense. our to which a available September the income or ended as XXXX, measures non-GAAP this discussion EBITDA GAAP. A on non-GAAP the GAAP depreciation comparable intangible loss supplement is expense, plus measures Adjusted of compensation results, as financial contingency of website. other is to interest and include accretion on reconciliation most quarter directly and extinguishment, for in

XXXX compared biodiesel increase the quarter tons driven million financial the for the to the from of third to results a tons. volumes were X,XXX $XX.X $XX.X third of metric like in for XXX% XXXX. third sales of Now, metric Revenues million quarter for XX,XXX I’d XXXX review quarter to by

volumes XXXX, second XX% were biodiesel metric or accounted segment million metric X,XXX Revenues tons, metric the from tons XX,XXX of $XX.X XXXX. of the quarter $XX.X tons by of revenue. during America quarter quarter during third the quarter In grew million million the by softened for third and and segment total for revenues during XXXX. XX%, North of from of to addition, during quarter-over-quarter X,XXX $XX.X the XXXX India from X% first

quarter profit third $X $X.X gross of during million for of of of the million, a quarter compared Gross third the gross segment accounted million for to $X.X India XXXX the consolidated XXXX. profit profits. rose to

of the $X.X and to during XXXX, million quarter quarter the administrative $X.X general of expenses third third during Selling, XXXX. million were compared

Operating quarter from a of XXXX, loss of loss XXXX. quarter $X.X was million $X.X reduction of during the for third million the the third operating

subsidiary, Interest on units XXXX, was the Aemetis during the connection $X.X of Series quarter third the expense the excluding LLC in during compared A preferred million accretion payments Biogas with third $X.X in XXXX. to million, of quarter preference

the preference with preferred connection its of stock. Additionally, recognized Biogas on accretion initiative Aemetis payments $XXX,XXX in

compared quarter of Net third third to for was of of the XXXX. for the quarter $X.X loss million XXXX, net $X.X million a loss

$X.X XXXX. quarter of the of XXXX the million compared end $X.X at Cash end third to at was million, of the

marketing XXXX. two a result three in between the for $XXX.X million remained product. the results I XXXX. for This Revenues review Now, first companies in financial September North revenues increase would nine third as increase of the and quarters $XXX.X the to India the XXXX, ended was as oil segment an of retail, biodiesel of well biodiesel quarters second the supplying to during quarters steady three driven for million as million India were months America periods. first compared domestic with of by strong XXXX, like bulk XX, and the $XX.X mining demand customers of for

million administrative Selling, to during XXXX, the first of quarters and first compared expenses during general were three of XXXX. $XX.X the million quarters three $XX.X

$X.X Operating quarters loss loss increased of for of the XXXX, quarters $X.X to first an million first for to XXXX. three million of operating three compared the

LLC expense, subsidiary, on during million during first XXXX. of quarters accretion compared three Series XXXX, $XX.X units million the the Aemetis excluding payments connection with A preference the three decreased of interest in first Interest quarters preferred in of $XX.X to to expense Biogas

preference Biogas accretion million Aemetis recognized stock. preferred its the Additionally, payments of $X.X with initiative on in connection

to Net for loss contingency during $XX.X on compared loss was XXXX, $X.X of million first of XXXX, first to quarter loss of a a of three $XX the one-time second million quarters the due three net charge million quarters for litigation.

That financial completes our review.

Aemetis, of business Now, for introduce like a Founder, I’d and Eric? Eric Chief Chairman to update. Executive McAfee, Officer the

Eric McAfee

Todd. Thank you,

XXXX, of those moment to the some million was may you and and who gallons year capacity per take more a company, new founded renewable let own provide we production XXX U.S. Aemetis than operate fuel For information. of and in India. with our me in to background brief be facilities

distillers XX oil a California near per Included corn gallon located production million year Keyes, and plant ethanol, in grain our portfolio in Modesto. is capacity

and XX Coast the of a per We capacity Kakinada. glycerin million near refined port year the India operate of distilled biodiesel city and on also own biorefinery the built, East gallon

California. natural pipeline connecting carbon by reduce plant million to we renewable Construct of conditioning ethanol to and to our content carbon produce digesters year, local production funding about biogas negative project and a equity the the fueling to displace build gas of Last gas our and launched natural $XX at trucks. gas ethanol dozen signed a diesel our near installed digesters renewable natural a gas in plant to dairies

other this waste production ethanol gallons and fund year. wood biomass $XXX a facility term million to in cellulosic advanced per waste about signed we financing convert to XX into year, Earlier orchard million California sheets of ethanol

engineering these reduction revenue cost of in to of completion annual initiatives procurement The $XXX million per and and run construction are prior rate cycle expected year. final financing and We year are the $XXX more than increase to commencement, flow cash growth our to and project per combination to than million the the more plant. now of

growth in well production certain reflects projected completion renewable This our as ethanol dairy natural of new and planned of cellulosic plant revenues as facilities. plants completed gas upgrades the and existing

forth website the company projection each an see that for growth. Aemetis’ units our the years Please update a of consolidated of homepage and presentation business four next five sets for financial

Standard and core XXXX. California progress credit businesses of our each made four support consistent strong regulators Aemetis continued the of third a positive quarter With California during in prices, Carbon Low Fuel of

approximately market production national X% the in than Let’s biodiesel diesel is biodiesel. renewable out encouraging policy of The India, XX increased XXXX outlawed review of market first the Policy business X.X which also more biodiesel the to million and or billion target our into The equal the gallons of than in per year, export per or year. Biofuels domestic gallons per diesel of to capacity. The import billion biodiesel about gallons XXX India of National total is biodiesel expansion less diesel year, thereby X% India. or blending

to completed early oil. of plant feedstock After India process in cost the we construction, our two into installation waste in including years lower investment XXXX, pretreatment of upgrade of and unit a

and refined using gallons toward unit new per biodiesel glycerin other fully operations capacity plant the expanded new pretreatment feedstock year. the of unit, enabled operational now The XX is upgrades and that boiler plant plant full million

Oil subsidiary have was revenues Biofuels X, India to Biodiesel we Universal with to that Companies about Companies Marketing contract of public supply shipments the biodiesel awarded and India a Marketing comprise our grown government-owned announced India XX% tender the May three plant. Oil quickly May, in in On million $XX monthly at a began process. the

biodiesel about particularly We are this and the consumed Oil generates emissions XX% India, with sulfur even lower government India Marketing three because customer of in a lower low diesel and in contract, biodiesel and trains these our to biofuel as buses, XX% particulate represent arrangement, Under fuel trucks, largest now the fueling single supply emissions. the is extremely pleased up potential group, that throughout country. with cost Companies this

tons volumes government mining, reflects construction metric progress tons to retail in prior volumes our the During customers sales truck the XXX% metric year the compared Oil in X,XXX heavy biodiesel biodiesel to supplying increase third fleets, adding quarter, in the other XX,XXX to also even Marketing from equipment, and sectors. while Companies, stations

long-term We at debt the parent while our achieved subsidiary company the and India ramp dilution the the up revenue capital XXX% to expenditure upgrades without ownership repaying of any India Aemetis shareholders. at and plant

fuels production debt use funding effectively and result, India the XXX% and expansion subsidiary, Aemetis of provide Aemetis to other cash owns a our renewable for repay as senior may created from earnings projects. the

Marketing to biodiesel for contracts. as and year expect to continue Oil biodiesel the expected XXXX, these request purchase Additional key for a Company participate we supplier under are

the months fuel facilities. seasonal our During limits or be lower India use the of January, growth colder to rain and the weather temperatures in additives we in biodiesel primary without constraint from winter on December that biodiesel of expect and India special revenues blending

the demand driven its has production Once $XXX footprint capacity expand the grow an per to and XXXX year capacity supplying than to million expanding to Biofuels in million biodiesel National the to the India markets, year to biodiesel XXX Policy. existing per fully gallons revenues meet a plant increasing becomes India, by committed more to

significant the have India, in revenues businesses progress profitability. U.S. achieved our to three and the milestones In major sustained addition increasing towards in

of ethanol have our strategy a technology been use the where our feedstock biodiesel, we gallon input a and the Similar the to ethanol produce California California to Let’s billion plant we California our traditional Keyes, to our X.X allow value lower-cost waste of review added carbon the biofuel supply to ethanol India, business. in reduce we costs, ethanol market. increase of intensity to the significantly lower upgrading

The the XXXX, were of the in Carbon reduced corn an three increase by from Fuel this Carbon California month sales May our value about successfully plant as without operating emissions of Intensity and X, per Low generated ethanol January additional points. under In year, effective credits carbon $XXX,XXX costs. Standard about Keyes

per project to of our adjacent three year the Linde producers Aemetis to a COX complete owned five The leased produced local and Keyes other the will plant renewable the in plant plant. liquefaction by ethanol food is plant capture industrial reuse of to couple to months. COX XXX,XXX COX for and COX by about second expect users. acres Keyes sale the upgrade years tons Once into next processors, ethanol will After a COX liquid Gas we be plant development, the that of convert COX completion, beverage build project

cash in lease land the be for to COX plant of The scheduled QX is million COX $X.X sales received the for XXXX, per and COX about expected is operation year from plant.

is calculate million We also for to more carbon capture and qualify COX than million ramps to year a as reuse we $X.X federal to $X grows full production tax about per that worth and year expect COX credit capacity. per

an tax We arrangement the financial currently a on credits with partner. are monetize working to

to Keyes it's construction million plant. ZEBREX scheduled their upgrade system financed plant at QX membrane at The technology strategic a XXXX. The currently in is is the ethanol for the time third of the of $X in of a a Japan for Keyes unit as first final corn equipment dehydration by and implementation Mitsubishi plant Chemical installation Mitsubishi a fabrication

is dehydration increased the year generate unit once $X petroleum reduce usage per estimated of an of implemented to and to is our cash significantly intensity and ethanol flow. ethanol carbon natural The designed million gas decrease expected

usage to targeted Carbon and at biofuels of projects are credits Additional low plant further costs generated carbon gas by thereby Standard number reduce Low increasing year. each Keyes Fuel natural the the

our discuss let’s advanced Now, strategy. renewable fuel low carbon

use proprietary to valuable waste other low and California and below carbon to California With $XXX waste, of dairy technologies in cellulosic in the Standard plan below We month. zero fuels increasing the the convert Carbon year Standard Low increase $XX produce the Low through to carbon fuels. Fuel and into feedstocks credits of mid-XXXX of to resulting wood from zero price the Carbon XXXX in renewable carbon Fuel and amount this patented of extension renewable

profitable fuels Fuel most Standard in industry federal projects Low values. below Carbon developed Renewable the and by opportunities carbon maximizing California zero the to the Our the Fuel Standard were renewable capture

biogas that into atmosphere would some the converts The LCFS believe and biocellulosic rewards highest generated by produced We the into dairy the released burned of that orchard otherwise that California carbon projects would value LCFS natural methane, be wood in gas be biofuel reduction content from from as ethanol methane. of renewable are renewable otherwise fuels. or

investors RIN by to value. federal The DX per was price gallon $X.XX set Congress with provide of about

as waiver corn DX the gas, natural generated by a RINs carbon and that Congress. biofuels, has other renewable credit However, generate which RINs. DX RINs types ethanol, only price set cellulosic are of and ethanol only by by are such not other

the below the Fuel as have DX Renewable we RINs DX an waiver Congress, Standard expect reestablish by traded credit credit price Though price the this RIN cellulosic price. of CWC federal the enforcement set will

more of positive operation of building to projects, the revenues low projects and collection per wood Aemetis related renewable ethanol waste X,XXX the Aemetis wood business high Aemetis ethanol more to fuels. dairy X.X plant and RIN X.X the valley convert California of is waste pipeline Upon flow orchard available almonds in wood California can with year biofuels in central million than into $XXX to Aemetis biogas gas tons California Aemetis natural and to annual two and walnuts than price business orchards of Observing successful XXX within renewable grow advanced wood LCFS generation, the of and the miles California. about businesses of the of waste $XXX from converting about DX these comprised completion cellulosic by valuable million production into orchard dairies and million waste acres waste million build annual and cash and dairy gas carbon orchard

to about and emissions, biogas annual capture and as the reduce California of our known to is can About powerful biogas to significantly reduce dairies from Earth’s potent briefly farms. XXXX, at is with trucks Let’s of California’s that million mandate, late pipeline buses Methane, replace gas methane sourced up from review of used build methane damaging to emissions are XXXX, Senate carbon dioxide waste dairy on dairies. XX more emissions or dairy gasoline the To funded mandates greenhouse to law, Bill fuel matching natural times California in passed Aemetis and that the a systems. air the dairies state Biomethane carbon pollution. as digesters be has digester diesel from XX% known commonly grants and Along capturing $XX biogas project. heat. ponds in related gas,

diaries pipeline in to relationships diaries pipeline completed, plant negative We change three natural way is gas for climate to in is to believe lower with truck create carbon Aemetis are an use fleets. Based we can turning existing of as costs intensity approvals biofuels our believe feed who that XXX manner. into use and excellent diaries ability on for about the biogas uniquely it diesel generate from biogas is positioned that ethanol capturing reduce ethanol and renewable California until one and supply our existing and utility animal and obtained this injection infrastructure only companies in value

related from Agriculture the and we a project Department year than award $X a for more grants of financing earlier followed Food build the of first the year Construction million systems biogas project. a grant first by digesters, of announced to and gas year expected $XX XXXX, two and total two two additional a to pipeline this pipeline of in of matching be development dairy After is nine equity financing work, an conditioning the the completed of million in during QX full and our California system XXXX. diaries of construction digesters of and

plant expanded expect completing cash than of Biogas scale issued the share to positive business redeeming than three this flow after to $X and more stock annual project the up We per dairies to recurring finance dozen more the project. generating preferred Aemetis of

sorry, project publisher. zero number that world’s Aemetis ethanol daily one our listen about for – and cellulosic were the a and Riverbank, below production as last fixed a bi-products as California. use Biofuels patented years wood We ranking waste-to-value the Modesto ethanol per production under near ton of walnut valuable advanced finish Let’s with cost announce development carbon largest to update microbe gallon, XX more cellulosic project period. update our by LanzaTech earned the per first of an was other gas waste Riverbank, project fishmeal of with the an biorefinery the let’s technology. number with Aemetis year well I’m world pleased value Digest, our cost biofuels in named The as in in the than California its on contract almond result to of price, as worth high of for Planned expected ethanol half low be $X contract the and one $XX

$XX.X is to California a Riverbank opened from LanzaTech converts year project; technology steel engineering $XXX ethanol. under million commercial significant project, the now year announced a commitment for conditional fund financings to offsets The equipment, to signing debt we waiver XX-year financing waste $X in funding and at related Agriculture operation equity full in Northern the and Program. and grant of tax million This required plant that the produce a million a Biorefinery Department the Commission XXXX of a China gases letter plant a three Energy that for last U.S.

Riverbank We focused by of cellulosic wood construction demolition negotiation cost a financial closing vineyard completing flow cellulosic than signing will as letter. as and feedstock. in for on by of include plant million Riverbank revenue is commitment the contract construction of QX from the required maximum to the XXXX, engineering orchard forest more on procurement work positive depending conditional The year that plant ethanol required begin to and construction plant primarily is waste of low construction of than the and $XX million expected for contract. engineering cash producing $XX bonded, the ethanol USDA required EPC expected the of are more The per cost generate the

at our increased and in long-term fuels been growth India two occurring volume we be of patented realized XXXX. upgrades believe LanzaTech The refinery cellulosic carbon attractive India. in achieved the at plant begin pipeline digester a with markets QX the unique of related project fuels margins our holds Aemetis to from burning, stocks. Riverbank to from is profit that waste position in first clean bio the summary, expected positioned XXX% high-performance feed production revenue low-cost, debt biomass renewable production ethanol The QX of planned plant and our strong the California Keyes produce while plant renewable And XXXX. has has continued The of to expected to in In is repaying India. low production abundant, and Aemetis diversified gas cash positive carbon, technology rapidly expanding low Biogas Aemetis from to in begin dairy deployment flow

our a let’s take Now few questions from Jim? participants. call

Operator

thank from hear McAfee, Instructions] go Mr. Please ahead. [Operator We’ll you. Capital. Woo Ed Ascendiant with

Your open. line is

Ed Woo

thank state for political just you think Yes, the do on question taking question. you of is what comment is my My ethanol near and current the term? if you outlook

Eric McAfee

two next a we’re think the the now ago ethanol into Senator the very for key and the That agreement bio that’s agreed by arrangement exactly a implement political the or so, EPA with is which fully years volume Volume President been between not month of renewable to but reduction the happened. the and for with Renewable by certain was in for biofuel average rules. of Agency three-year end concern the that add next diesel. And and the biofuels of the back granted that the Grassley December had And for political Environmental small about obligation which amount refineries. time demand met Protection reductions those will determine taking I be And offset what industry, met year in to current Obligation. XXXX enthusiasm important what Ernst that will would EPA’s also a for the in of including an transition leaders,

of volumes. estimates, in three amount so, three-year actually in EPA the and own the Energy’s Department average. About the concept to calculation or each averaged came took of years three by with terms granted their last waivers how do have only of ignored of ago out the which of they EPA And been the weeks little of of the half

And corn reflecting that the soybean industry, think, accurate net with among is going end of industry, to accurately be to biofuels agreement and be EPA President’s industry not the – the or, irritation as we outcome the of determined is outcome and statement would the December X. implementing next think, I the weeks. six fully been about to So the has actually We industry RVO have what leaders. get implemented be anger, I in political January an that the

to the January by need be X. blending percentages known So

I’ve been on bet what is it many, my asked I many make this simple. very times and

the can’t that many successful truck farmers, as go corn you import back You that banks, don’t industry in farmers, pickup should and result and more Iowa. and from announce soybean to at Iowa oil we and a think agricultural that schools OPEC need from we stand and the country and of

have farmers And market stand to truck so XX oil, corn available which U.S. states in And of ethanol. that XXX if jet have flatbed fuels you only in biodiesel million the want you soybean other and from of fuel announce a acres and diesel the States make want to and biofuels United soybean be renewable from and is to be eventually back to ethanol President you them up there’s you and the to in the growth make market. the in to To successful. and

presidential and equation one of election that There supported ethanol I the States. simple. actually last political Republican United think in he’s the was So the only President strongly extremely is now

he’s to the current really a only four choice, And we’ll so the see to he he I to this has time make. got right that And think that choice. made last about President And our three makes make right choice weeks time choice.

the world. is domestic right very he decides choice from energy renewable and than need rather that of makes the he on troubled further dependence a we imported So part that fuel bet my

Ed Woo

And be before good. the year. to the decision That end you made this of has sounds said

Eric McAfee

of before the that the to industry, start at to blending register be posted Yes, year the the it needs need meet to X. starting actually which federal rate of the January end

Ed Woo

it is biodiesel crude business. your How question I just then has know And it your there? India oil, your does my with on correlate for on business other impact Great. outlook

Eric McAfee

oil companies, that talking is India what about? The you’re marketing

Ed Woo

the been your How good diesel overall impact crude of in Yes bio stable. just where your it price is now, now and relatively does ethanol terms it’s business? or bad

Eric McAfee

Yes, And relatively been last of just over we around looking the the a kind we’re but has $XX the bobbled at it’s that range. really around $XX $XX price or this the reviewed year crude oil around stable number, been I actually currently so. bit, morning.

I the Saudi is basis Aramco go New London aware, going global Arabia on trying be instead think that raise the significant public couple going has everybody to ambitions that they than a pulled back to in York. But going a on expected. money Saudi trillion. in They public to over less exchange and are weeks, it that’s raise and evaluation originally to $X.X they’re at they

Aramco the for dependent profitable those most crude world’s oil the entirely Saudi company, profits. upon it’s of price but is

so is the belief rising oil And and or will have a the Aramco, to firm in is take their other Mohammad valuation Aramco Salman slightly Saudi folks my firm in it trying make crude that Bin who public. interest to time prices the that in understand Saudi to of period about better decisions which

and industry think this it the low controls to just I is back have pull of production can on per simply capacity. million proven as day about and barrels to Saudi per to XX one day the million Aramco oversimplification, phone call. one X that entire barrels they as so simplify country And many in but in is. IPO transaction down cases don’t oil one They

in to And the I And they’re crude they to make offering York have the independent first the announced have $X and IPO so certainly price and follow-on think, they’ve reason do of London six in New the ability as oil going higher, a want want months their do larger complete small next that be strong twelve a that going to to to markets. if happen. in they to then to they’re

Arabian – of have a the So budget. for welfare they a themselves oil crude they which And to price need Texas national to in about announced gradually it corner They money price They’ve economy. their Saudi they for backed on be pay also to West need to into loan oil the budget. intermediate rising. their continue in national are crude $XX breakeven the Saudis

but on So have they it they spend crude all cheap of age being unemployed. XX their population under might oil, of the XX%

and it’s a they miss So payment to welfare on afford a economy welfare cannot their economy.

in I disregarding be demand. continues X% think, of Asia China going electric be per year of and in Demand petroleum. with India to and massive Saudis to general, is the to north are their the continue $XX rise. So even in consumers $XX range, into diesel continues India us increase to cars happen. pushing year-over-year

demand. have of million demand worldwide market, per increase last million about barrels So day should increasing be for year X.X you do easily year averaged day This a increased it years. per a every of the five barrels over

crude oil company. And they’re in so world’s able profitable flexibility that production have the price looking the for the Saudis some be to most to decrease production order to get

about Now, that? sell XX% of alternative lower in India care diesel as diesel. is cost to India a we imported. do imported In we why the

So we oil price. are in with crude India correlated that directly

in expanded cautionary the looks the per side India, tale like the India, just not but by is excellent capacity, so be on on the now And business by waste just On revenue expanded we phase growth really in – probably feedstock only a have would gallon. side. revenue

have We we feedstock delivery. contracts have India our our merchant matching with customers, a our weeks until few within do don’t in we which that we exposure to a in speculative have of business reduce a buy we or

an moderately costs. to drive oil. oil the the year of what’s that’s is is cases have crude – minimize, excellent prices we has to speculative had just we to that I’m feedstock But most on and how would bullish Frankly, markets mining or construction and established. in going mature. feedstock we’re how growing and we’ve exposure crude now see prices say our no gone positions completed. margins with feedstock waste revenue feedstock growth, performance year next year So And we’ll recurring customers plant expanding already into excellent I is performs relative now this

whatever despite is a really be slated actually in the revenue set. much growth what of to And double strong XXXX of pretty gallons going because national our we’re we’re policy revenues happens situation drive so billion a very And faced biofuel India with to to $XXX we’re the marketplace short should being when capacity, which of our the over is engine, timing million.

a story that to as is earnings as so lock we well. margins revenue India comes we predictable in So supply up have looking make that and to we’re commitments flow a bullish

Ed Woo

you thank Well good Great. and luck.

Eric McAfee

Thank you.

Operator

[Operator Instructions]

Eric McAfee

going to shareholders say we’re the today. to think thanks I Aemetis

fine. to But want you we’ve some on that’s directly, here. us follow-up If with going things got other

with to we’d our Todd? like growth opportunities follow-up very our shareholders dialogue and much about So Aemetis. at continue

Todd Waltz

Thank Aemetis call. visit you version a of website, earnings version attending earnings this section conference the for business and written post audio Please Investor Aemetis update. and we’ll review where the today’s of

Please review Aemetis post written Investor and audio of of version a the we’ll this, a section Aemetis version and Jim? the earnings website, where visit update.

Operator

Ladies we and And teleconference. you for your participation. all today’s do gentlemen, this does thank conclude

You that your your and the may day. you hope disconnect enjoy we lines rest of