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Rentech, Inc. (NASDAQ:RTK)

F2Q10 (Qtr End 03/31/10) Earnings Call Transcript

May 7, 2010 1:00 pm ET

Executives

Julie Dawoodjee – VP of IR and Communications

Hunt Ramsbottom – President & CEO

Dan Cohrs – EVP & CFO

Analysts

Burt Chao – Simmons

Matt Farwell – Imperial Capital

Jeremy Sussman – Brean Murray

David Neuhauser – Livermore Partners

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Rentech fiscal 2010 second quarter earnings call. During the presentation all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator instructions) As a reminder this conference is being recorded, Friday, May 7th, 2010. I would now like to turn the conference over to Julie Dawoodjee, Vice President of Investor Relations. Please go ahead, ma’am.

Julie Dawoodjee

Thank you. I would like to welcome all of you to Rentech's 2010 fiscal second quarter conference call for the period ended March 31, 2010. Before we begin our prepared remarks I would like to cover some administrative aspects of this conference call.

During this call, Hunt Ramsbottom, President and CEO of Rentech, will provide opening remarks highlighting our Company’s progress during the fiscal quarter. DAN Cohrs, our Chief Financial Officer, will give a financial review of the second quarter and provide comments on Rentech’s financial position. We will then open the lines for questions and ask that you limit yourself to one question so that we may get to as many questions as possible.

Please be advised that certain information discussed on this conference call will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. They can be identified by the use of terminology such as may, will, expect, believe, and other comparable terms.

You are cautioned that while forward-looking statements reflect our good faith belief and best judgment based upon current information, they are not guarantees of future performance and are subject to known and unknown risks and uncertainties and risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission.

The forward-looking statements in this call are made as of May 7th, 2010, and Rentech does not undertake to revise or update these forward-looking statements except to the extent that it is required to do so under applicable law.

Now I would like to turn the call over to Hunt Ramsbottom, President and CEO of Rentech.

Hunt Ramsbottom

Thank you, Julie, good morning everyone and thank you for joining us today. Last Friday, Rentech made history when the United Airlines flew the first commercial flight in the United States on synthetic fuel produced by Rentech, which is certified for commercial aviation. This was the culmination of years of hard work by our employee and was a thrill to see our fuels in use.

I was honored to be on that flight and I can tell you first hand that both the Rentech and United passengers on the flight were equally excited to see a U.S. commercial aircraft take-off on clean synthetic jet fuel. Synthetic fuels, including RenJet, are the only alternative fuel types certified for use in commercial aviation.

Our flight was fuelled with a 40:60 blend of RenJet and traditional Jet A, and confirms that our fuel performs on a commercial aircraft as well as traditional jet fuel. United Airlines and other commercial carriers have been strong proponents of a domestic alternative fuels industry with a lower carbon footprint.

In August of last year, eight airlines signed an unprecedented multi-year agreement with Rentech for up to 1.5 million gallons per year of renewable synthetic diesel from our Rialto project. The fuel will power ground service equipment at Los Angeles international airport.

In December 2009, 13 carriers signed an MOU that is serving as a framework for definitive supply agreement for approximately 250 million gallons per year of certified synthetic jet fuel from our Natchez project. The customer agreement we are pursuing with the airlines validate the considerable market demand for synthetic fuels produced by the Rentech Process.

There is significant market opportunity for our technologies in the 28 states with renewable power requirements and in some of the 45 countries which feed entire programs to simulate renewable power production. There is also many states and countries with low carbon on renewable fuel requirements that should allow us to sell our low carbon fuels at a premium. In addition, we are promoting our technology for products – projects in locations with under utilized fossil resources to replace imported oil.

The renewable power produced from our Rentech-SilvaGas gasifier is base load, 24/7, renewable power, requires no back-up power generation, and can be placed close to existing transmission lines. Because of this, our projects compare favorably to wind and solar as sources of renewable power.

The synthetic fuels produced using the Rentech process are ready for commercialization. They are drop in high value jet and diesel fuels that can be produced economically and at large scale. We are the only alternative fuel type certified for commercial aviation and also the United States Military. Use low-cost feedstock that do not compete with food, and have lower carbon – have a lower regulated emissions and carbon footprint than petroleum based fuels.

Since the acquisition of SilvaGas, we’ve developed four distinct product offerings through project development in North America, and licensings worldwide. Product number one, what we call repowering boilers, a Rentech-SilvaGas gas product that replaced the coal input at existing coal-fired boilers to produce renewable power, helping producers meet their renewable mandates and reduce emission.

Product number two, stand-alone biomass to power. Our Rentech-SilvaGas gasifier combined with a gas turbine can produce renewable power at Brownfield and Greenfield sites. This technology, offering efficient use of biomass and reduces emissions.

Product number three. Biomass-to-fuels and power. Our Rentech-SilvaGas gasifier and the Rentech Fischer-Tropsch process integrated with our proprietary gas clean-up technology can produce low carbon synthetic jet or diesel fuel and base-load renewable power. Our Rialto Project in California is a great example of product number three.

Product number four, fossil and biomass to fuels and power using commercially available coal or pet coke gasification with our Rentech-SilvaGas and Fischer-Tropsch technologies, we can produce ultra-clean jet or diesel fuels on large scale from a combination of fossil and biomass resources. With carbon capture and sequestration, our fuels have a carbon footprint significantly better than petroleum. Our Natchez project is an example of product number four.

We are in discussions with regarding several potential repowering and stand-alone renewable power opportunities, which may result in equipment sales and licenses. These products can have a shorter path to the market than integrated fuels and power plants, and can bring in nearer term revenues through equipment sales. Our two publicly announced development projects are the leading examples of products number three and four. Our Rialto renewable fuels and power projects continues to track well against our project timeline and budget. We submitted our Part 1 application in February for DoE loan guarantee for up to 80% of total project cost. We are still in the process. The DoE has made it clear that we are not allowed to publicly disclose the status of our application at this time. It may be months before any further disclosures are allowed and that may be only in the event that we are rejected or if we receive a commitment from the Department of Energy. We are confident that our Rialto project is strong candidate for the loan guarantee program.

In February, we issued in our fee for feed contractors. We received multiple competitive bids from leading engineering and construction firms for both lump sum, turn-key, and entire [ph] materials contracts. The pricing of these bids was well below the amounts we budgeted. We are currently selecting our feed contractor from among top tier engineering and construction firms and remain on track to begin feed during the first half of this calendar year.

We also remain on track to file major air and water permits for the Rialto project during the same time period. We’ve already filed applications for two of the three major required for the Natchez project and are on scheduled to file the remaining permanent application for this project by the first half of this calendar year. We are working toward a definite jet fuel supply agreement with the airlines for all of the projects jet fuel output of 250 million gallons per year. This agreement will be based on the MOU we signed with 13 airlines. We believe that securing this offtake agreement will be a big step in moving towards the financing for this project.

We are also in discussions with potential suppliers of feedstock and equipment. These suppliers could also be potential equity investor who would help pay a proportion of the next phase of the project, which is feed. As we develop our commercial projects and work on licensing opportunities, we also continue to expand our technology portfolio to include complementary gasification technologies.

Earlier this year, our project with ClearFuels to build a demo-scale biomass gasifier or PDU, was awarded $22.6 million grant from the Department of Energy. The project recently met all conditions for budget period one under the DoE’s integrated bio-refinery grant program. The funds for budget period one will go toward the fabrication of the ClearFuels gasifier, which will be integrated with our existing facility at the PDU. Budget period two is expected to start in the third quarter of this year and the project remains on track to be completed in late calendar year 2011 at which time the PDU is expected to produce renewable jet and diesel fuel from wood chips and sugarcane bagasse.

The ClearFuels biomass gasification technology can process finely ground virgin biomass and renewable fuels with high yields , complementing the Rentech-SilvaGas Technology. Once the ClearFuels technology is proven at the PDU, we plan to deploy it with our Rentech Process, at commercial scale projects.

Our nitrogen fertilizer plant, REMC, provides financial support and operating expertise that supports the commercialization of our technologies. The long term market fundamentals continue to look very strong. The USDA forecast for corn acreage of 88 million to 90 million creates strong demand for nitrogen fertilizer. Well over half of REMC’s planned deliveries for the year have been sold at fixed prices and we continue to project 2010 REMC EBITDA to be well in excess of $30 million.

Dan will now provide more details on that as well as our financial position for the period.

Dan Cohrs

Thank you, Hunt, and good morning everyone. It was a good quarter with the results as usual driven mainly by REMC. We believe long term agriculture and nutrient market fundamentals are strong and REMC is well-positioned to benefit due to the plant’s (inaudible) as the heart of the corn belt and our management team’s ability to execute.

The second quarter results benefited from an early ammonia season as favorable weather allowed application that were not possible last year at this time. Higher ammonia deliveries and relatively low natural gas prices contributed to an improved quarter over last year. UAN deliveries, which are less affected by weather, were down just slightly from last year although they were up for the year-to-date period.

Prices for both products were significantly lower than last year’s delivered prices, which were effectively set on the products we delivered were sold even earlier during the time of historically high product prices. The results for the second quarter reflect these trends. Revenue was up from $16.8 million to $19.2 million, a 14% increase. Gross margin improved over the period due to lower natural gas prices. Last year at this time we had a loss of $11 million, this year we have a gross profit of $3 million.

That translated into a net loss per share this year of $0.07 compared to a net loss last year of $0.15. This year’s net loss of $0.07 includes $0.01 of expenses related to a loss on the extinguishment of the old debt as we replace our old credit agreement with our new credit agreement.

SG&A was basically flat, just a 1% increase year-over-year and R&D expense was up slightly, 15% and that reflected the fact that we ran the PDU for more days this year than last year, we started the PDU earlier this year than we did last year. Recall, the PDU doesn’t operate during the winter months at this point.

We ended the year with $70.4 million of cash and cash equivalent. We’ve delivered as pre-sold well over half of our expected deliveries for the fiscal year, about three-quarters for ammonia products and about 60% for UAM. As I mentioned, pricing in the second quarter was down significantly from the historical highs a year earlier, but it’s in line with our budget. We saw delivered priced for ammonia this quarter of $368 per ton, that’s down from last year, which was $542 per ton. In the marketplace today though we are seeing higher prices. We’ve seen recent sales in the range of $440 per ton, so we are seeing some strength in that market.

For UAM, we saw average delivered prices this quarter of $176. That’s down from $308 last year, but again we are seeing strengthening in that market. Recent sales have taken place in our markets and about $240 per ton.

So, we anticipate relatively healthy margins due to these higher product prices combined with relatively low prices of natural gas. And for these reasons, we continue to project that fiscal year 2010 EBITDA for REMC will be well in excess of $30 million.

Remember, in January this year, we secure a $62.5 million term loan to repay REMC’s old term loan of approximately $37 million. The cash on hand today is projected to meet our fiscal year 2010 liquidity needs at corporate for operation of our Product Demonstration Unit, other R&D activities, corporate admin. and pre front end, engineering, and design, development activities for our projects.

REMC’s liquidity needs for fiscal year 2010 are expected to be met from its cash on hand plus the cash forecasted to be generated by REMC’s operations.

Hunt mentioned that we had aggressive bidding from top firms for the Rialto feed contract. We now expect that contract for the Rialto project to cost us well under $10 million. Other design and development expenses during the feed phase are also expected to be under $10 million bringing the total anticipated cost for the entire feed phase to well under $20 million, which will be spent over about the next 12 months. We currently have cash on hand to commence feed, but we will need to raise additional capital in order to complete these.

The additional capital may come from various combinations of project debt and equity, corporate equity or debt, equity from strategic partners and suppliers and various forms of government support, including grants and loan guarantees.

Now, I will turn the call back over to Hunt.

Hunt Ramsbottom

Thanks, Dan. And I would like to turn the call back to the operator for questions.

Question-and-Answer Session

Operator

(Operator instructions) And our first question comes from the line of Burt Chao with Simmons. Please proceed with your question.

Burt Chao – Simmons

Good afternoon guys,

Hunt Ramsbottom

Good afternoon.

Burt Chao – Simmons

How’s everything going?

Hunt Ramsbottom

Good.

Burt Chao – Simmons

Good, quick question. And you said, UAN and ammonia prices might be actually inching up but you got a situation now where natural gas prices more for the foreseeable future. Can you give me an idea or you know kind of paint a picture what your hedges look like, at kind of what level and what volumes you’ve got natural gas hedged right now?

Dan Cohrs

Yes, we essentially match our product pre-sales with natural gas hedges. So, in the remarks I said that three quarters of our deliveries for the year have been either delivered a lot in. Now that includes products we delivered as well as product we’ve presold. On the Presold amount, we have locked in gas as we presell the product, in other words, our policy is as we lock prices in on these presold product contracts, we try to lock in the gross margin. So essentially we hedge what we have presold.

Burt Chao – Simmons

Okay. So, even as – you have done three quarters of presold, so in the short term at least, if the prices for these two products continue to go up, but you’ve got a about a quarter of presold, your margins should be locked in, you won't be a huge beneficiary of say lower natural gas prices but increasing margin because it’s kind of the conservative route, right?

Dan Cohrs

That’s correct. Because we are locked on essentially three quarters of our deliveries for the year.

Burt Chao – Simmons

Okay, wonderful–-

Dan Cohrs

For ammonia. It’s a little less for UAN, yes.

Burt Chao – Simmons

Right, right, right, okay. And you mentioned the ability to get through feed with $20 million, you can start it, but to get through, you might need a little – to tap additional markets. What’s – kind of do you know what size or approximately how – what an aggregate amount you are budgeting for the whole process, maybe not the fert – how much you are going to go out to get this next time, but how much do you think you need to complete that whole feed process?

Dan Cohrs

Well actually that’s the number, the number, which I said is well below 20 million is the number for the entire feed sales, the entire feed process, so that includes the primary engineering contractor, additional design packages, and other development expenses for things like auctions on our site, we have land auctions, legal expense, other development expenses, that includes everything for the feed sales. That number is well under $20 million.

Burt Chao – Simmons

And I think Dan or maybe even Hunt, is there anything do you see right now that you are seeing, I mean obviously it’s getting certain thing through by healthcare, took a lot of the wind out of the sales towards the congress. But is there anything you can see that can provide any tailwind to the projects that you are hoping to develop here in the near mid term?

Hunt Ramsbottom

I think just generally speaking, I think we are seeing folks – there are some new people out the DoE that have come from the outside, very commercially oriented. We’ve had some meetings with them for the last few months. So we are encouraged by I think the attitude. We are encouraged by I guess the approach and the swiftness, how they want to get this money to market on these next generation biofuels. I think, generally speaking, they don’t have a lot to fund in this space right now. If you start ticking through the criteria that they require of having operating experience and being ready to go to marketplace there is a not a lot of those opportunities. And they recognize that and I think coupled with the new folks that have come in to run the loan program and the sense of urgency I think that we are starting to see – I agree with you, probably it will start a little bit with healthcare, but I do see of course in the administration and certainly more importantly at the DoE with some of the new people we’ve seen over the last couple of months.

Burt Chao – Simmons

Okay, great. Thanks for taking the question.

Hunt Ramsbottom

Thank you.

Operator

Our next question comes from the line of Matt Farwell with Imperial Capital. Please proceed with your question.

Matt Farwell – Imperial Capital

Hi, good afternoon. Could you help me understand a little bit – give color on the repowering business and the appetite you are seeing from investors and also could this business be affected by events in Europe, you mentioned that you are going to do business development over there the last time we spoke?

Hunt Ramsbottom

Well it’s – I will start with the European comment. Not sure, I think that’s very fluid right now. I – the projects that we have been working on in those markets, certainly have not been cancelled, we haven’t got any signals to contrary and I think those markets and those countries see this as a growth opportunity to get people back to work and get jobs in the community much like in the U.S. here, so we have not seen any pullback on the projects we are involved with internationally. And we do see significant opportunity. We have now quantified that domestically on the repowering side and it’s a very significant market opportunity and we are putting some resources behind that. So, I guess two bullet point here. One, we are seeing – we do see a significant opportunity domestically, and, two, internationally I think that will continue to be a good market opportunity for us. Anything can happen, you don’t know in Europe, but there is certainly other markets outside of Europe that we also see some significant market trends for us.

Matt Farwell – Imperial Capital

Okay, that’s helpful. Could you also comment, the financial markets with regard to raising capital, I know you had the $65 million facility done. Would you potentially look at amending that or increasing the size or does this more – look more like an equity type financing? Or else could you also discuss what the shares outstanding right now, I know that the night trading program may have increased that number over the previous quarter?

Dan Cohrs

Yes, this is Dan. We have – we do have some interest I think in may be doing more financing at REMC. It’s hard to say exactly right now but I think that might be a possibility. I am not saying it is, but I am just saying might be. And I think we have a number of possibilities for other forms of financing on the project. We also we have the possibility of tax equity financing as we get further along, project equity in that project, which we think will be attractive to investors to look at the carbon markets or one that have a real – an investment in real assets that can benefit from the carbon, low carbon characteristics. We also, at the corporate level, have a number of options, I mean the convertible market is very liquid right now, there is – you know the markets are doing pretty well notwithstanding the last couple of days. But there is a lot of liquidity in various forms of financing that we think might be available to us.

Matt Farwell – Imperial Capital

Okay, thanks. And then two housekeeping items. What were the other expenses, it was a negative $7.265 million, what did that consist of and also, what was depreciation expense in the quarter?

Dan Cohrs

What – I am sorry, what’s the negative seven million you are talking about?

Matt Farwell – Imperial Capital

In other expenses, on the income statement. Below the operating loss.

Dan Cohrs

It’s going to be interest expense.

Matt Farwell – Imperial Capital

It’s entirely interest, okay. And then what was depreciation?

Dan Cohrs

I am sorry, what was that?

Matt Farwell – Imperial Capital

And what was depreciation in the quarter?

Dan Cohrs

Depreciation was about $5.1 million for the quarter.

Matt Farwell – Imperial Capital

Okay. Okay, good, thank you very much.

Dan Cohrs

Okay, thanks Matt.

Operator

Our next question comes from the line of Jeremy Sussman with Brean Murray. Please proceed with your question.

Jeremy Sussman – Brean Murray

Hi, good afternoon.

Hunt Ramsbottom

Hi, Jeremy, how are you doing?

Jeremy Sussman – Brean Murray

You talked about four types of projects that Rentech has. The second one, standalone biomass to power, I was wondering if you can sort of elaborate a little bit as to what you are seeing out there in terms of opportunities may be in the U.S. or outside the U.S. as well.

Hunt Ramsbottom

Yes, I think generally speaking, as I said in my prepared remarks that there are feed-in tariffs around the globe right now that – you know I think SilvaGas has been recognized over the years as a terrific technology and I think coupled now into Rentech’s portfolio we’ve seen the market reach expand. And so what’s happened from our perspective is a lot of these countries that have the biomass available to them with fee-in tariffs have either contacted us or we’ve certainly gone after them. And independent power producers domestically have contacted us. And a lot of these have been involved – some of these have been involved with SilvaGas over the years, but I will also say that in the last six months I would say there ahs been fair aggressive push on our part and those countries with feed-in tariffs and have the supply that will that once they use this gasification technology they think about also – Jeremy, as a market entry point for us it’s less complex than the fuel side. It’s less capital cost and you’ve got certainty on the offtake. You don’t have the fluctuations that you have in crude that you have in these power offtake agreements in these countries. So, for us, we can go after this very aggressively knowing that we have these offtake agreements in place with certainty with proven technology. So, we’ve got a big push on that and that could – and is evolving into other fuels projects in those countries.

Jeremy Sussman – Brean Murray

Great. And then just – that was perfect. And just as a followup, Hunt, perhaps what – has there been sort of a pick-up in interest in Natchez pipe projects or even at Natchez since you commercial flight?

Hunt Ramsbottom

The short answer is yes. I mean you know if you think about it, that was a really big milestone for Rentech. I mean you talk about your fuels being approved, but having them flown on a commercial aircraft is a big, big step for us and certainly the airlines and I think it didn’t hurt having an United Airlines front page news during that period of time merging with Continental. So, we flew with the largest carrier in the world as it stands now and what we see now frankly is a built-in customer base on a worldwide basis that we carry into different markets. When we have conversations on our projects, we can look to our existing airline partners or their alliance partners for offtake agreements in those countries. So, in terms of the Natchez type projects I think that when you are talking to the Department of Energy, or when you are talking to commercial lenders, and the commercial project finance market is coming back, but the Department of Energy also looks at it commercially and they want to make sure that they’ve got commercial offtakers on the back end on a project before they get involved and it certainly gets their attention when you got 13 major carriers aboard their project.

And also recent – I will answer that – the recent alliance the Air Transport Association and DESC, which is the purchasing arm of the military, have now formed an alliance to work together to purchase fuels and some of the folks that are involved with our project are heavily involved with this agreement with the Department of Energy purchasing program.

Jeremy Sussman – Brean Murray

Excellent, thanks, Hunt.

Hunt Ramsbottom

Yes.

Operator

(Operator instructions) Our next question comes from the line of David Neuhauser with Livermore Partners. Please proceed with your question.

David Neuhauser – Livermore Partners

Hey, good afternoon, guys.

Hunt Ramsbottom

Good afternoon.

David Neuhauser – Livermore Partners

My question is really I think you guys have moved here and transformed from more of a story stock let’s say, to a project company. Where are we at as far as strategy, what are the biggest uncertainties involved in the company in terms of executing right now?

Hunt Ramsbottom

I think from our perspective it’s getting the capital base around the projects today. The equity markets, you still have volatility in crude. You had crude go I think in the last week from $87 to $77. So that volatility continues to not help on the fuel side although I will say that coming out of the recession it did hang in that $70 range. I think most people it’s going to stay well above that number, which certainly helps us. So I think aggregating the capital, when you’ve got a built-in customer base now, when you have projects in the pipeline it’s making sure that capital is there and that’s why this power side helps considerably.

And I think getting a carbon regime in place. And getting that uncertainty out of the way. Just recently we had a conference and that was the overriding theme fro m all renewable companies that you’ve got to get some certainty in the marketplace on carbon. And we see that now in some of the countries that are moving aggressively that have the regime in place with feed-in tariff and providing incentives. So if this country does the same thing, which we expect it will, I think you are going to see s lot of movement here domestically, and in the mean time, we have the ability now to move not only domestically but abroad

And I was – it probably comes out to those two items.

David Neuhauser – Livermore Partners

Okay. And in terms of flexibility, like you said, I know you mentioned the earlier caller was discussing ways of financing projects and looking at debt, looking at equity. I know you guys mentioned the convert market is coming back to some extent. You know obviously you are going to do whatever is the cheapest form of financing, but looking back at the company’s history, I think one could (inaudible) and with the night trading program is – going out there and selling more shares is causing more and more dilution and it’s probably not the cheapest form, though I am sure it – and just the most liquid. So is there any sense with the board here going forward when you are looking at different forms of financing like you are going put the structure thing which may be not as dilutive, looking for alternative forms of financing maybe?

Dan Cohrs

Yes, we are looking at as many non-dilutive forms of financing as we can. So, you are – you said it exactly right, we will go out there and use the cheapest form of financing we can find including financing at the projects as much as we possibly can, so we are always out there trying to figure out where the best pools of capital are. The important thing for us is to find the best source of capital and then execute on the plan.

David Neuhauser – Livermore Partners

Okay. And I mean I am just – I made the statement because if you look back at the history of a number of different alternative energy companies, it’s very easy to hit the market and raise equity to fuel growth, but even if you look back at some of the companies out there and obviously (inaudible) they’ve been around a long time and they might have built some value, but if you look in aggregate the share count and the dilutive effect it has over time, you can get a project to market and start to show some growth, but if you had a tremendous amount of dilution and cost to the shareholder base, it’s not the best way to seek shareholder value being nurtured. So I think earlier on in the process, as you mentioned, looking for ways at hitting the markets in which you won't have these training programs in place to deal with shareholders would be something that I would personally like to see moving forward.

Dan Cohrs

We understand, yes, your – we understand your point.

David Neuhauser – Livermore Partners

All right. Thanks, guys, appreciate it.

Hunt Ramsbottom

Thank you.

Dan Cohrs

Thank you.

Operator

Mr. Ramsbottom, that was the last question. I will now turn the call back to you. Please continue with your presentation or closing remarks.

Hunt Ramsbottom

Thank you. Rentech continues to be a market leader compared to other sort of energy companies. We believe our strength and operating experience, access to capital, and cash flows, our advanced phase of commercial projects, and proven technologies, sets us apart from other players in this space. These competitive advantages led to our fuels being the first approved synthetic fuels to power a commercial flight in the U.S. We look forward to reviewing our and the commercialization of our technologies and speaking with you at our annual meeting of shareholders next week. Thank you all very much.

Operator

Ladies and gentlemen, that does conclude today’s conference call. We thank you for your participation and ask that you please disconnect your line.

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