Q4 2022 Origin Materials Inc Earnings Call
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Which as mentioned was not included in our previous plans over the long term, we see the potential pretty cellulose derived low carbon intensity fuel can be used in transportation and marine fuel industrial applications and heat.
Sure.
We are currently in preliminary discussions with multiple strategic partners to advance this exciting development.
And we plan to provide you with periodic updates as we make progress on this important new business initiatives.
Moving to slide working in February we announced a strategic partnership with a ante up a leading technology company in renewable chemistry to accelerate the mass production of I P. C. H a P D F for advanced chemicals blacks.
The partnership aims to bring together the strikes abortions patented carbon negative technology platform, which turns of the carbon found in sustainable wood rescues into useful materials, including Cormac <unk>, we're seeing them up and it's riveted with a anti Ms <unk> technology, which can be used to convert Oregon see him after riveted into <unk>.
Chemical building blocks for the Powerpc yeah.
The partnership represents a potential breakthrough in the commercialization yeah, a polymer that we've been excited about for a long time.
P E F opposite attractive combination of performance characteristics for packaging and other applications, including strong gas barrier properties high heat resistance approved degradability and full recyclability.
P. F can also serve as a replacement for glass and aluminum operating superior break protection and inexpensive like waiting for shipping, making it well suited for oxygen sensor products like carbonated sodas protein shakes her teeth.
The PDF produced is expected to be 100 per cent plant based fully recyclable have attractive unit economics at the opera significantly reduce carbon footprint with superior strength thermal properties barrier properties and degradability compared to data is widely used petroleum based materials. We see in approximately 225 billion dollar tab for P E F across.
Apparel packaging EM P E T applications.
If you're gonna die carboxylic acid or have to see a precursor to P. S has many additional applications beyond.
Some have called F. D C. A sleeping giant named for its potentially massive impact across a broad range of industrial molecules, including polyesters Pollyannas polyurethane coating residents plasticizers and other chemical products.
At the molecular level the structure of Athens C. A kick and consequently, it doesn't lie flat.
When F D. C. A has assembled on a plane it tends not to internally rotate it turns out that palmer's ability to rotate or not affects its functionality in important ways. One of those functions as gas barrier when the molecules of the polymer can spend freely gas molecules can pass through it like a revolving door.
F D C. A has a kink it cannot rotate and gas cannot pass through it as easily.
The structure of FUTA also changes the way it crystallizes whenever you see is incorporating into a polymer it crystallizes differently than a planner molecule like P. T and this feature allows us to change the applications that we can consider polyesters.
These are just some of the reasons why we are excited not just about yes, but about incorporating F. D. C. I hit the polyester more broadly.
Regarding our relationship with them anti them to accelerate the mass production of these materials partnership includes a licensing agreement providing origin with access to a antient process technology for making F. D. C. A conditional optic agreement under which have annual supply working materials with F. D. Cips from its plants, while we incorporate a antonyms process technology into the supply.
Chain for future plans by combining our platform, which can produce the F. T C. A precursor C M F and its derivatives from sustainable wood residues.
With a <unk> practice technology, we aim to do something truly special and the powers of materials industry economics that work for our customers and thus.
To summarize I'm proud of how our team continues to execute against our origin wine in order to construction milestones.
Chemical completion of which one is unimportant milestone in our mission to enable the world's transition to sustainable materials, we're seeing significant opportunities to leverage our versatile platform technology to commercialized pathways for several interesting higher value applications and we're excited to cower installment of high performance products through innovative partnerships and with that I will turn it over to the need to discuss some.
The financial details.
Thanks, John I.
I'll begin with commentary on our fourth quarter results that provider financing expectations for to to finish with our outlook for 2023 revenue what adjusted EBITDA.
Speaking to slide 16 fourth quarter operating expenses for $13.1 million compared to 7.8 million during the same period in the prior year.
Oh year 2022, operating expenses were $38 $9 million compared to $26 $9 billion in the prior year period.
<unk> was $16.0 million in the fourth quarter compared to that a couple of $5.2 million. The same period of the prior year all.
Full year 2022, net income was $78.6 million compared to $42.1 million in the prior year period.
Adjusted EBITDA loss was $9.2 million for the fourth quarter compared to a loss of $6.6 million at the same period in the prior year.
All year 2022, adjusted EBITDA loss was $31.0 million compared to $20.0 billion in the prior year period.
Turning to our balance sheet origin ended the fourth quarter with $323.8 million in cash and cash equivalents marketable securities.
Regarding the financing of origin too in early January we announced that the Louisiana State Bond Commission unanimously possible solution granite gets final approval of the issuance of up to 1.5 billion of tax exempt bonds to support the construction and commissioning abortion to.
This amount is inclusive out and builds on the strong foundation of the previously announced expected $400 million.
Activity bond volume cap allocation.
Fortunes use a solid weights feedstock produce carbon negative materials enables the company to use these tax exempt bonds towards the financing of the origin to project Bank of America Global investment Bank and financial services Company has been engaged by origin to underwrite the boss bark at them to investors, which could enable the debt financing of origin too using entirely tax exempt bonds.
As we've previously discussed we also anticipate various federal tax credit grant loans and other programs promoting advanced manufacturing from the inflation reduction act to be incrementally beneficial for the financing of origin too once the details of those programs are finalized by the relevant government agencies we.
We expect to provide an update on origin too in mid 2023, as we have highlighted on our previous earnings calls inflationary pressures remain an area of focus on something that we continue to monitor closely.
Origin continues to work with leading financial institutions, I know, where the other forms of traditional private financing and federal loan programs, including through the United States Department of Agriculture, and department of energy pursue other local state and federal incentive programs to optimize the financing of origin too, including certain 2021 infrastructure investment and jobs back at 2002.
22 inflation reduction act provisions as John mentioned, we continue to expect that origin too can be fully funded from its existing cash on hand previously indicated traditional project financing potentially strategic partnerships.
Given origins ongoing global technology licensing effort in an act of governmental affairs team.
Anticipate potentially strategic partnerships and federal incentive programs to play a meaningful role in the financing of origin too.
To wrap up with our outlook for the full year of 2023, we are providing 2023 guidance for revenue of $40 million to $60 million and adjusted EBITDA loss of $50 million to $60 million as rich mentioned are estimates assume a gradual production ramp at Orange and one is the new supply chain becomes established with revenue expected to begin in Q3 of this year.
With that I will turn it back to rich for closing remarks.
Thank you.
In closing I'm incredibly proud of our teams continued execution as we draw closer to commercial production Edwards.
And encouraged by the strong momentum that we continue to see for our industry, leading technology as the world moves aggressively to a zero carbon future.
I would like to thank all of our customers for their commitments to origin. Our team in construction and engineering partners for their contribution to our company's success and our shareholders for their continuous support.
And with that I would like to add.
Thank you you will now begin the question and answer session.
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Two.
Alright first question is from <unk>.
Banking medicine.
Sorry, I'm research. Please go ahead.
Thank you and good afternoon, guys and congrats on the origin wound progress and of course the progress.
Any other areas.
I was struck by the discussion of the third intermediate lying on the biofuel side.
Had not been previously.
Previously discussed was it did this come about.
In terms of research or why why is this now a possibility for for your production process and.
Any more color on it would be would be terrific.
Yeah sure.
So I think the way to think about our technology platform is really sort of a refining platform. So the mental model I use is one that looks kind of like a refinery where you are putting in a few stock and you're converting into a variety of different streams.
The way we've looked at this.
Has always been CMS and HTC are the two primary streams.
But we've always had a collection of other.
Sort of a minority materials that end up getting produced and generally speaking we had expected to either decomposed those into.
<unk>, which can be done with our process or frankly, just feed it back into the centralized formula for our facilities and use them for btu value to drive the process.
Of course, if you're using it for.
Energy to drive the process that sort of a cap on the maximum value that you can get from those materials and I think we all know that liquid fuels command a much higher premium than that boiler fuels and so really we had always expected.
Then surely we would be able to take these materials that were feeding back into our boiler.
And turn them into some sort of liquid fuel or even a chemical product.
We just didn't really expect it to happen. So soon frankly speaking and so.
This is I'd say in the broader sense. This is just part of that sort of wave of acceleration.
Market interest.
Materials coming off of our platform.
That makes sense.
I hear Ya I hear Ya it as you as you look at.
The the process economics.
For generating these renewable fuels, where where is the price point or where do you think the price points are relative to what's.
What's out there on the market today, and obviously, it's it's very volatile, but given where it is today right can you talk a little bit about the process economics.
Yeah sure. So the first thing to understand is that since we were anticipating originally to use them for boiler fuel.
That means that basically sets are alternative disposition value, which is pretty low value. When it comes to biofuels right. So incrementally we view the ability to put these into a transportation fuel market is that a significant benefit to our overall unit economics.
That said, it's not let's call it straight run gasoline coming out of our process right. So the materials that we take out of our process Native leak you don't just put it in a gas tank you've got to do a little bit of work to those take get them into the various kinds of transportation fuels and what part of what we're doing right now is we've.
We've sort of check the box on yes. This is really interesting and it's over the hurdle that this should go into a few of some sort and now we're in the.
Work with that with customers and partners to understand what's the white spot to put them in in what quarter and what time sequence.
Does that makes sense. So I think the overall unit, maybe about Broadway to head the overall economics.
Sure yet, but we are sure that.
It's going to be significantly more valuable in a liquid transportation fuel identity as a boiler fuel, which was the original sort of estimation of where the subtlest geico.
Okay understood. Thanks, Thanks, so much junk.
Thanks, Greg.
The next question is from Steve then with Bank of America. Please go ahead.
Yes. Thank you.
Is it fair to say that existing users.
Users are those that during discussions with about <unk>.
Are they are the most likely.
Offtake Offtakers of this product and can you characterize their.
Level of interest, there's something they would move towards replacing <unk> with PDF or is this a.
A few percentage inclusion in the P T as a blend.
Where are you seeing the most interest.
Yeah. Thanks to evoke great question, So we see.
Interest across the board, so certainly from our existing large.
Users.
They are almost all familiar with <unk>.
<unk> and concept and interested in it and I think excited to see it coming to commercial scale.
With with our partnership.
But it also opens up a new set of potential customers and John alluded to some of these but for example companies that today.
Required to put a lot of things in glass because of the barrier qualities now have an alternative to glass that didn't have with petey and so there's examples like that that open up some really interesting.
Conversations with people, who meet very large quantities of materials some of which.
Very challenging carbon footprints in our heavy harder to recycle et cetera, and so this really really opens up the door to.
Those kinds of conversations.
And is there a reasonable way, we could estimate the value of <unk>.
Versus bep given the additional functionality that you described.
The PDT bottle would have to have other additives or or.
Awkward unit ops.
To provide those functions is so is there a way to value. This PDF.
That would lead to this higher margin. We're also of the view that you might be able to produce it for less than TEP is that also.
A component of your assessment of higher margins.
Yeah, So I think.
Both parts both things that you just mentioned are salient, so the value tes and let's say more broadly FTC based polymers because you are.
Alluding to pilot Polyesters that may not have just 100% at <unk> at the diapsid, but may include some that DCA at some other buy assets in the polyester.
But I think those applications.
On an application by application basis, you can you can understand exactly what the improved value proposition as their customers. So in the case that rich was just mentioning and I'll just get sort of a hypothetical logic around a right. So there is glass has has breakage rates, which are meaningful it has a high.
Carbon emission even when it's recycle that is relatively high carbon emissions.
It's heavy.
And so you.
You can look at.
<unk> and say, okay, well, if we reduce the breakage rates and we reduce the carbon emissions significantly.
By using the glass and we we can lightweight significantly the package that that's a really attractive value proposition practice for <unk> and you can do sort of similar kinds of value estimations and different applications, but broadly speaking, we see a significant value uplift.
For a lot of these applications in using Ah, yes versus using PTT. So I think that's that's in your in your allocation of where the margins coming from I would say, especially in the earlier days most of it is coming from the value of the applications right.
In those applications is much more valuable to DDT.
Over the medium to longer term I think.
The other thing you said, which is that we expect to be able to produce efficacy.
Less extensively then.
Then PTA or Paris, Eileen correspondingly.
That's also true, but I think that's something that probably will obtain over a longer period of time.
Not so much necessarily right off the bat.
Thank you.
The next question is from Eric Stein with Craig Helen. Please go ahead.
Hi, everyone. Thanks for taking the questions.
Okay. So great to see so you can see the the demand obviously at 9.3 billion now that that has slowed a little bit versus the growth rate in the last few quarters I mean is that simply.
This change in focus to these higher margin products.
Is that something that we should think about here at least in the near term.
Yes, it's our customer demand continues to be to be exceptionally strong and as we said on our last earnings calling you are alluding to.
Have evolved or go to market strategy to focus more energy on higher margin products.
Developing the platform.
And really accelerating and some of the products that we agree.
Previously thought were many many years out and doing joint development agreements and those kind of things. So let me know as we focus there.
That could impact the overall growth in the in the order book, but since we've.
Really prove announced the demand for their xylene and PDT.
We think it makes a lotta sense to focus on these on these other markets.
Yes, absolutely I mean, maybe the maybe the better question is obviously, you've got a pipeline beyond what.
What you quote for total demand Q.
Curious if you are able to maybe from Iowa size, but at least from a high level kind of characterized this new focus into some of these other areas that have developed faster what has that meant for your pipeline beyond the total demand that you quote.
Yeah, well it certainly it certainly opens up a lot of markets that we had previously characterized as sort of longer term addressable markets into what field now.
Not as not as far out as we once thought and those include some of the markets like factor.
<unk> and epoxy and adhesives in large large classes of products, where we think we can bring our carbon advantage as well as functional advantages and some truly unique properties and so.
Our pipeline reflects adding those those kinds of conversations.
Into the mix.
Got it.
Maybe lesson for me and I'm just curious obviously, we're getting really close to to start up a origin one I mean.
Is that is that an event.
That you think of it as something that can really.
Celebrate.
The total demand that nine three.
There or do you think it's more that that potentially spurts conversion of the capacity reservations to pull off ticket.
Yeah, we think of it as a significant milestone.
One of our ability to get large scale samples to to lots of potential partners.
Which is very exciting so getting CMS for example into the hands of lots of of partners to develop on top of the platform and accelerate in that manner. As exciting. We also think the proof of technology scale up is is meaningful.
To many that we have a large operating commercial scale plants and so so yes, we view it as a significant milestone and think it will really help help across the board.
Okay. Thank you.
Thank you.
Alright again, if you have a question please press.
Then won the next question is.
Okay with Raymond James Please go ahead.
Thanks.
For taking the question and I appreciate the guidance you, obviously given guidance on a full year basis, rather than quarterly but can you maybe just looking further ahead.
What.
Timetable do you anticipate for origin, one to reach steady state operations, which I think is.
75 million pounds, a year as I recall.
Per quarter Yeah.
Yeah, Hey development I.
I think first I would like to emphasize that we've talked about the sport, but just to be really clear we view origin one as as.
As an asset that really can strategically produced materials for application development of higher value products, such as some of the ones. We just mentioned <unk> residents Rebecca.
Carbon black asphalt that kind of stuff.
And so since we're using it for those kind of strategic applications.
We really expected that we're going to be doing some combination of campaigning and then also tuning it to produce those kinds of materials.
So I think.
You could say, we're going to take a little bit of time to bring it and run it at.
Nameplate capacity now that's sad.
For the purposes of.
512 technology demonstration right, we will run campaigns of this with this plan to.
Two relevant parameters for some extended periods of time to generate data and learning from those kinds of things and will report back with that but I think it will be probably some time in two.
24 that we're actually trying to run this for extended periods of time.
At nameplate capacity.
It's going to be because.
Demands.
Application development market developments really supersede frankly that just produced as much product as possible that we possibly cut off the plant that makes sense.
Yes.
I appreciate that.
And then as far as the entry into the fuel market historically.
Yeah.
You and plenty of other of buying materials companies have looked at specialty buying materials as a higher value.
Bright source of.
Revenue compared to two fuel.
Are there certain few categories may.
Jet fuel for example that can match.
Michael in terms of.
One dollar per pound dollar per gallon basis.
Yeah. So certainly there are fewer categories that can pretty easily match, even high value chemicals ads on one dollar per pound bass. So no no question about that especially in today's environment I think from our perspective as I mentioned the alternative disposition alternative use for it.
The material that we're looking to used for Biofuels was really a pretty low value boiler fuel kind of application. So for us we don't really see it as a trade off between the value of the chemicals that were going to produce and the value of the biofuel that we put into the market. We see it as sort of I mean, frankly, it's just Australia net add.
Value of all the materials that were producing off of our plan, but to your point.
We think there are some pretty high watermark kind of interesting.
Feels that you can produce even just for fuels and so I think this is.
This is frankly for us it's pretty exciting. This is this is a a.
Meaningful opportunity and I think over the medium to long term.
We have the opportunity to really generate meaningful value off of Biofuels. In addition to off of this this material stream in addition to that.
<unk> arrived chemicals, Andy HTC drive products that we can make it.
Okay, and then lastly, kind of an ESG question.
You guys are well aware.
There is.
Let's say a faction of the environmental community that does not appreciate.
The use of forestry in bio energy.
Particularly if you're getting into fuels, how are you going to be addressing this pushback.
Trees are being <unk>.
Drop down so to speak for.
Putting it into vehicle engines.
Yeah. So I think there are two layers to that the first is of course, we're actually using residuals in the first place to fuel our clients. So I think these are materials and residuals that we're going to be produced as a result of other products production anyway.
Example, dimensional lumber et cetera. So I think the first layer is we really see that is the predominant feedstock for our process, which is very different than.
Purpose growing.
Timber specifically to harvest and put into our process.
I think the second layer to that is that even this.
Fuel is actually a you could think of it as a byproduct of the production of our materials and chemicals and so I think in both cases. This is finding the highest and best.
Use and value for a material that was going to be produced anyway.
Rather than on purpose production explicit exclusively up fuels or something along those lines.
Thank you very much.
Thanks for that.
That concludes today's life Q&A question I'd now like to turn the call over to any script.
To conduct the next segment of our Investor Q&A.
Thank you daily before we get into Investor Q&A I wanted to apologize to everyone on the line who had problems connecting to drug test future technical issues, obviously, something we strive to avoid but in this case it couldn't be as.
As we've done on previous earnings calls for today's call. We invited all investors to submit questions as part of our squadron campaign. Once again, we are pleased to have such a high level of participation.
Want to thank everyone, who participated in the interest of time will be taking the most commonly asked questions.
First question is for rich.
Which does the I R. A provide any benefit to Oregon.
<unk>, Oregon seeking money from the I R a or other federal opportunities.
Yeah. That's a great question, we remain optimistic that the funding offered by the Iras is very relevant to us and we're exploring several paths of eligibility for programs, including the section 48 C advanced manufacturing tax credit and the advanced industrial facilities deployment program.
And these programs are expected to start receiving initial applications in the next month or two and decisions anticipated by the end of the year. In addition to the to the Irag, we're exploring opportunities for funding and financing under the 2021 infrastructure investment and jobs Act and and that Act.
Identified more than a dozen initiatives that we think.
Really assist us in financing a variety of origin investments and most notably origin too and infrastructure improvements in and around the Geismar, Louisiana.
Great. Thanks for Flushing, it out a bit.
Just turning two.
Geographic expansion can you help us understand marginal expand the EU in Asia.
Yeah, So we have extensive customer relationships and and the EU in Asia. So we certainly have a very global sort of sort of partners and customers.
We don't have any specific plans to share at this time in terms of.
Building plants.
Outside of North America, but.
But there's there's certainly plenty of interest in our materials from those parts of the world. So.
Would hope over the long term that we would certainly have assets around the world, but nothing to announce at this time.
Thank you rich with that will now turn to some questions for Joe.
John could you discuss some of the longer term product opportunities, where you see the highest potential.
Yeah sure so obviously.
Obviously, we've been talking about Scca Pel.
And biofuels quite a bit on this call, which I think were incredibly excited about with that with a lot of these materials. You are talking about not just to 10 or 20% value uplift relative to to drop in materials, but but really sometimes.
100%, 200%, even more increase in the value of those materials. So that is obviously really exciting because it demonstrates that.
We can get.
Great margin profitability, but also that we're actually adding that much value to the to the economy by producing these materials Scca I think we talked about it in the context of <unk> all the time, but it's the material that's relevant quite a bit beyond that as well. So you can see it in <unk>.
There has been work done with nylons were polygamic using FTC, it's incredibly interesting and then as we mentioned before taxes and coatings is another area, where you said had some pretty unique properties that we think it make it a really really interesting material.
Or bottom or to add into those materials. So we continue to be really excited about actually gay again, even beyond its use in polyester as and BS.
Typically.
[noise] for Biofuels, we've talked about some of the shape of the biofuels opportunity from our perspective, but I think too.
To develop comment earlier I think it was.
There are there are a lot of different fuels not all fuels are created equal and so as we.
Penetrate into the Biofuels market and.
K qualify our material of different areas I think there's a lot of opportunity for large value uplift even beyond just getting into liquid transportation fuels in the first place overtime. So I think that's going to be a really exciting and frankly pretty rich and keep area for us I think just to pick another one that is exciting and maybe as we're talking about a little more.
Or practice.
Surfactants are interesting because they sound incredibly terrorists, if there's something that we do it everywhere in our life, so everything from paint and coatings right. So when people talk about things like latex paints or emulsion paint.
Those emotions are typically stabilized by surfactants, that's sort of the key component of the paint that drives that the fact that it stays relatively stable and that it disperses nicely and then it's smooth and coats nicely what resources you put it on.
That's the raccoons are so that makes him really key functional compared to that but also things like like personal care.
Laundry detergents right the detergent component of a laundry detergent or a gift. So is in fact, a surfactant itself. So you could say surfactant is another way of saying so for.
For a little bit more colloquial definition and performance of those kinds of materials is really really important. So people are relatively familiar with it and things like shampoo inheritor of that you actually need different kinds of surfactants, depending on the environment that they are living in right. So if the surfactant is it a hard water versus saltwater environment.
Do you need a different kind of surfactant formulation.
Similarly, though the less surfactant you need to use to accomplish your goal not only does that.
Give you.
A higher value for the amount of surfactant, you're putting in that also means that because her parents are characteristically washed into the environment right sides, you wash your hair, you'll see it down the drain and then that tobacco is ultimately going to go through and it sounds like there's a little bit of background noise.
[noise] Ashish.
[laughter], Yeah I apologize.
[laughter] so.
Surfactants, obviously as you wash your hair, you are actually going to wash that surfactant down the drain right. So it's going to end up going into that water treatment system and that the drainage system and ultimately in the water. So so being able to use less surfactant and those kinds of situations. It's really valuable because it means that you are putting less stuffed down at the environment.
And what we've seen with Fury and based on your back into that they really do perform exceptionally well and almost all of these categories. So they often perform.
Better and more rigorous surfactants environments like out like a hard water kind of environment.
And they do it at a lower what's called critical mass myself concentration are CMC and that means that you don't need as much surfactant to get the effect that you are looking for so what we're seeing is that <unk> really do just straight up performed battle and a whole bunch of applications and sometimes fly by almost an order of magnitude.
And then the.
The second thing is that.
Not only are they performing better in the application itself, but then after the application when do you wash it down the drain periods are inherently a much more degradable material.
Then the associated aromatic species that you would usually replace with the parents and so when you wash your shampoo down the drain you want to make sure. It's a great as quickly as possible so as not.
Contaminating your river water with shampoo, conditioner, or whatever up and it turns out that.
Joanne based in CMS basis, so if I can do that better too. So we're really excited about applications like surfactants that really are incredibly relevant and sort of everyday life for people.
And and so I think.
That's just one example, among the others like FTC and Biofuels that I mentioned.
Really exciting products that we can develop over the the medium and long term.
Thank you for that very thorough explanations my apologies. Thank you update your thoughts there.
Can you provide us with an update on the company's plants in origin today.
Yeah sure.
It is a great question, because obviously on our schedule. We have indicated that we will be getting project development for working three right around now and in fact, we have so.
We've started project development of origin, three and we're making good progress, but we don't have anything else beyond that to update it this time.
Great. Thanks, so much really appreciate it will wrap up with a question for <unk>.
Late.
<unk>, Louisiana private activity bonds cover all of origin too.
Their financing options being considered.
So first and again, we're very grateful to the state of Louisiana State Bond Commission, the Luisa public Finance authority for their continued support the development of origin to our recently announced approvals from the stable on commission and <unk> for up to $1.5 billion, which is inclusive of the expected $400 million.
Private activity bond volume cap allocation there are important.
Important milestones towards potentially using entirely tax exempt bonds for the debt financing of origin too.
Ed we continue to simultaneously pursue other forms of financing grants federal tax credits, including programs from the USDA and the <unk> and others, which have come out of the Iga and Iras that rich was referring to earlier to optimize the capital structure in financing costs Borgia too.
Great. Thanks again.
Which John and that'll.
That will conclude the investor Kunai portion of today's call.
Turn it back to rich for closing remarks.
Thanks, excuse me thanks, everyone for your interest in origin and for joining US today. This concludes our call.
This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
Okay.
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