AGFS - Earnings call transcript Q1 2022

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Operator

Good afternoon, and welcome to AgroFresh Solutions First Quarter 2022 Conference Call. [Operator Instructions] Please also note, today's event is being recorded. At this time, I would like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. Thank you, and over to you, sir.

Jeff Sonnek

Thank you, and good afternoon. led Chief Lewis, Financial be and Executive will Miao, Graham Officer. presentation by Chief Clint Officer; Today's The comments safe during of contain the forward-looking today's Securities XXXX. call and within Private meaning the the of Reform the Litigation harbor of statements provisions Act accompanying presentation All statements forward-looking than other historical facts statements considered are of statements. of on events. future based management's beliefs, are concerning expectations statements and well assumptions as These current as a number materially actual from unknown statements results risks known and results are to could that forward-looking the differ Such in and cause the discussed forward-looking subject uncertainties to statements.

which company's this identified comparable in financial tables that, of Some measures. the reconciliations Relations with of press the agrofresh.com presentation website as Lewis. uncertainties refer directly can non-GAAP I'd measures our over and like the turn We'll these financial to found accompany to refer most included Investor SEC. well GAAP at risks as their in be and the today. of are discussed section certain Please call to non-GAAP to for the Clint in now the slides With the also will measures to filings that release,

Clint Lewis

and Thank on to the welcome call. everyone you, Jeff,

while of has off quarter first first the quarter. season, the first solid start Southern a yet to of half marks growing Hemisphere and to The commence, are most harvest the we in the

and deliver product through to our such that leveraging managing Brazil Chile. global our conditions select portfolio the revenue growth, strategy, of benefit diversification American quarter impacted also shows our of markets weather the This footprint and and as adverse breadth Latin while both EBITDA

business net strong and drive for pleased diversification the year. in commercial growth growth execution that, into adjusted to quarter. EBITDA With in reaffirm our hand, continued the quarter transition goal I'll I'm the With this drivers and in through to sales both first

in disclosures on revenues the reminder, Investor months providing other XX, category diversification an XXXX, revenues and components consecutive marks geographical grow diversification the both to our the category additional March XX.X% our ending in a crops, on XX.X% trailing we you solutions The business, solutions of and SmartFresh excluding our accounted technologies. through March found basis. are diversification, apple, for XX quarter all supplemental your business Relations understanding our consolidated XX.X% details and XX of XX, ended monitor earnings product the further of Diversification for our increase. with to versus define which of assist deck be representing website. trailing As growth. progress XXXX, This strategy months the covers can as of our fifth the for We double-digit

sales in early Middle for resulting Harvista and of size, by perspective, of Africa South the hedge have SmartFresh quarter a freshness natural an driven our defend across From the by or in products, region results. While platforms, can will a minimizes our diversification also $X.X which to in continued Growth impact helps prior known against these that and period. first solutions. growth need as experienced Africa, of the diversification and growth season Further, one in crop geographical risks an SmartFresh versus generated apple crops to adverse our Europe, certain any continue for and we agriculture such XX.X% million year a storage build larger be strategy. on variables and our we expect geographies an was to East in Success weather. increase XXXX fueled harvest business, diversification increased

decreased by Southern region product half X.X% expansion. during quarter driven represents Latin that SmartFresh approximately the revenues quarter primarily our was resulted estimated lower in is fungicide was driven largest Brazil, decade. crop of XX% that about Additionally, disinfectants penetration with to decline lower The the momentum of past their in the in season in our first which industry our first comprised severe than a XXXX. category where was by sales Hemisphere market weather was our and crop, especially which region and strong largest the versus be met America, the of of and XXXX

as an first to half in the of harvest at windows However, relative play year. varied always, of our the timing to sales there's seasons, element due prior

in perspective, to diversification first We the in prior of quarter we dynamic in hemisphere which when are this this southern lighter XXXX. expected the the each categories year quarter of across growth but the and second achieved the quarter season. compared to versus our of first a product second rebound year, seeing solutions the was in quarter Chile half is From first

I'd quarter first our of dollar I of Spain $X.X our $X.X highlight $X.X first from disinfecting fungicides quarter category, in XXXX. moments a Tech Control million and these In which terms contributed growth our the mentioned first nearly the versus of and XX% Chile, other Combined, categories sales grew about drove few of and growth benefited quarter. which that contribution, million and in of as of during contributed as the million well category equipment growth ago,

start grew for year Brazil weather a that due extreme which we out and which year. gains decreased Other SmartFresh XX%. by primarily as Harvista the apple grew diversification the offset which and period includes coatings EthylBloc, X.X% versus key first quarter crops category, limited into X.X% our were leverage focus off apple the other by X-MCP, summary, beyond Rounding and production. XXXX. Our category, was in represents to our our continued and to solutions of franchise SmartFresh These to apples good versus our this geographies prior In such partially are the

to the apples. defend diversification franchise of the rest in southern season SmartFresh our of continue we to to industry-leading look and balance for XXXX, will the strong strategy we hemisphere As continuing our while advance

He investment sleep of motivates do a me. grower domestically fruit important SmartFresh in could the with up harvest. and my resonate overstated. the to industry, His and yet our performance it's conversation and team every their continue grower high-quality As some growth both business, impactful the call to paramount a have of through customer with new simple continue over. solutions and I'm And loses the reinforces to Pacific pass number ways their fresh reminded the I like preservation they support diversification post-harvest to value not Graham is developing customers, of something quality customers storage positive noting people. in with that tremendous confidence eased, tied be we new to energized a to feedback a every The their duty Graham? now our work products is to to our One very in I'll other the of traveling our importance of find to the the bolstered speak the to I'm to team And be as on that and to to very we the team and the as this of of our a perspective the feedback leader abroad. continues our our leadership shared support the pandemic single has a that with processor, been has role and have our on of within the to his the number they day. that progress freshness Customers play region by encouraged advance in the meet Northwest of financial industry are consistent we of highlights. deliver been in service provide capabilities by ensure to are our unwavering experienced supply that post-harvest solutions. support commitment a I strategy. market. produce additions and recognize our making towards we able

Graham Miao

Thank in of for increased X.X% the quarter to first quarter afternoon Clint, XXXX. the good to and million everyone. Net million to to $XX.X you, $XX compared sales of first XXXX

impact increased X.X%. revenue of foreign the Excluding currency exchange,

variance As our the costs with and was primarily margin to our prior period. inflationary as diversified diverse to the product and leveraging is was the in the profit higher net million driven $XX.X forces. primarily materials categories related in diversification mix each impacted first period, gross compared for a the in XX.X% was growth year Clint year margin sales discussed, first reflects Gross the solutions portfolio. XX.X% The quarter. by was generating profit prior million of product by associated of to margin $XX with our Gross further quarter compared portfolio increase more transition

the year However, both and cost we and pricing help are on to mitigate we inventories. as expect savings the these headwinds initiatives sales in lower-cost hard working on relief later generate some

projects. year generating primarily development XXXX costs in consistent on we compared While the were strategy. Research quarter by maximize dollar of growth, growth period, first to the through and $X.X timing with primary margin, gross is the million prior our to in profit of million driven strive diversification focus $X.X always our

with and increased to quarter R&D and proprietary growth alignment crops in the year million in period, driven technical of our primarily to strengthen XXXX, expand XX.X% objectives. as of in first savings investment million the expenses by offerings Our services provides administrative commercial diversification coatings to geographies, develop for in to SG&A prior compared $XX.X product build $XX.X solutions, support in registrations our new decreased expenses. activities out our new

some the organization focus revenue-generating a activities. growth for plan our towards business, control we cost resource this While year contemplates the remains steer as and reallocation

the As for to range in the the we low prior SG&A XXXX, expect increase versus year full a single-digit result, year.

the compared million prior income of period. net XXXX million loss quarter to year First $X.X in $X.X net was

a XXXX associated to during EBITDA $XX.X months litigation margin XXXX, quarter trailing as X.X% XX, XXXX, $XX of reminder, the Adjusted the XX Adjusted was with million year $X.X first million the for As the in prior settlement in income or the EBITDA ended of company million XX.X%. recorded March by million first period. compared quarter proceeds. other $XX.X of increased to

where our XX, with half margin for of in sales correspondingly viewed respective reminder, inventory as from to operations as growth investment normalized chain to the as net a million ended for Cash margins and million volumes was the mainly the in cash should the operations for by benefit cash cash X-month was concerns. of performance Northern in procure second As Hemisphere flow well the $X.X supply year incremental ended comparable approximately driven year prior a was our the operations decrease to from period prior March advance in total litigation period. operating provided the mitigate Adjusting align million seasons, of higher balances translate EBITDA also for March to year, sales $XX.X materials adjusted flow the The business. Southern higher million XXXX. for flow in one-time $XX.X XXXX in XX, X-month proceeds of versus operating the period by result receivables accounts normalized in the be $X.X

XX, ended $X.X were the million capital XXXX, X year March months in expenditures $X.X to million the prior For period. compared

to range of which sales, From X% business expenditures a capital continue $XX.X reflects model. focus and XX, cash March of XX, for versus We as annual debt This XXXX. from to March on sheet to our questions. $X.X our asset-light of growth our perspective, expect balance XXXX of consistent million, our was XX, call million our driving and with million, please remarks. XXXX, X% as cash revolver $XX represents concludes open March million $XXX.X flow. the was undrawn operating was Total Operator, prepared

Graham Miao

Thank Markets. we you. go BMO Thank Jackson question be session. ahead. first Capital will [Operator this the Instructions] a line conducting from Please of comes time, question-and-answer Joel The you. At with

Joel Jackson

takes X% year-over-year everyone. out would think out? rest then quarter, what the revenue year play year-over-year expect out? the of you the expect the evening, Good would similar in other margin there? you. Thank rest of play year? terms had, of how you FX. lay year throughout growth are How And Or margins, you this kind and performance expect excluding You to puts the X.X% to what of you I Can relative

Clint Lewis

Yes, Joel.

recognition thank sales very the took net the all, question the impact that currency out and exchange. joining the I of appreciate would have constant had in for of foreign much First for you and if the you

line X% being we the also the bottom we discussed we've growth growth being year full how of equal, post-harvest more things within in somewhere for pegged kind segment, the of evolving, to range. EBITDA see the As have our and range we again, kind the continuing the around and that XXXX. in marketplace X%. growth provide in for set expectation And trying of transparency both see to to And all sales

within range. and And constant you at all growth X% currency, can so the at look that X.X% if of the look within kind you

market ball obviously And so a to general able the is say the of the Northern year, to as without year full the rate of know, we not of crystal second benefit think half that kind that grow should business which part our is XXXX. bigger nothing about be seeing of as within that growth Hemisphere, for you we're to the there we

Joel Jackson

helpful. That's

margin, good setting or of a customer good margin, trial and or what is this a so you a list? Are be whether want a this like beyond hit or it's aren't up for in will or your that aren't but you Now a make into it's hit, 'XX on good something being earnings year, it's are high-level on paper or a you're there year certain they or product they're maybe if geography kind that Graham, that very 'XX. numbers, this so a not, something. obvious or year something things that bundling really that obvious -- 'XX, whether few to what's getting -- it's people Clint, going Or sales certain milestones a of to product you it's your piece getting successful or think certain

Clint Lewis

Yes, Joel, that our things company answer again, list, on way I investors I to and our make that sure on. we're the on our analysts the that. hope around that. it. are our I fully are want and the are that appreciate And clear would same industry management's ones focused aligned track I list the

And so and of just touched we it. at the higher as look order on I those,

to foremost, is growth. we continuously want top bottom and line and First drive line

footprint participate, to So at our as sure, important. which And make capabilities, those growth accountable, rate. to are within hold we most look given we're want that broader our me, ourselves and growing market the in to again, we the we also

and So bottom top growth. the the would line first be

The second, the appreciate also of discussed, understanding your as I we've that the growth. is and criticality of diversification

of is quarter We have first different. continued the XXXX no and

to diversification, continued growth, diversification strategy have double-digit drive also next and remember, we to to line in demonstrated this the that's big incremental have only and top And and double-digit We growth of is consistent is growth. It so quarter I believe path that is fifth not thing. bottom show the weather be important the an the sit kind But it's a weather where is going adverse outdoor the again, to can we presence, weather and risk challenging. be. unpredictable strategy, management that helpful, because world or be It's a that it always is biggest headwind to of in good agriculture. also as where of can

an we impacted. ability ability are to drive to continue our diversification And so provides less that

on product adverse in or We impact are less susceptible or crop, to particular or an particular we particular platform in have market, a that a particular customer. a a

we our analysts. that to for So is continue keep mind will also another of and the important metric investors that top

not our product, think because face about third the they I certainly third the our to did the at in reliability some to quarter consistent given continue be it ability hopefully quality, our not efficiencies think that after but been are impact of focus pressures if we continued legacy again, are apple larger the to our very our now consistency our SmartFresh technical and I that this as some apple in, continues would value we've the the and disproportionate lesser, our responsibly we remiss smartly as historical into robust times not And stay volume the important with increase think but inflationary the expertise has to giving at in disciplined bring on second inflationary also in move the think that's the Historically, of also anticipation we And as is year in these us the also to concern AgroFresh that been SmartFresh same support I our some of Last, deal that half yardstick which suppliers. we the but chain industry-leading and there's past, with customers. the SmartFresh and portfolio. off way but price, defend not our page. moves continues year has work apples a only supply customers point our had and given SmartFresh happily it's the advantageous quarter, we're least, own in I for of this valuing on we I of broader our not franchise. sales also apple with buying just have been for franchise of take to is, and around I continuing competitive a to activity time, we moving business bottlenecks, to after even suppliers, manage pressures, year, to as market demonstrate

be I would areas those So the would to. guide of that kind you

Joel Jackson

minutia now that anything for it's the trying at, FreshCloud that product background drive there cloud use Like it's any there it's it I at is building done is the on question. that 'XX, that the in or you're Is is drive fresh something -- or customer thank a in 'XX whether a something a come and of bigger you and to really -- and the looking get trial order someone will hopefully and that in maybe just you're show -- a or particular there -- Is there avocados in not or looking that, sort finishing minutia -- bricks Peru you're but the later. in trialing it got VitaFresh?

Clint Lewis

the take right? that. would of your strategically, me, to out days, take and So matters are thing Again, early I minutia, only the recognition words appreciate out is question. while spot-on the I And again we word

to for So things and growth and as about diversification, value AgroFresh. continue that those think will differentiate driving about we drive we think

cycle leveraging X-MCP. harvest. is life Again, It's of banner analog As Other in right? of for the rocks beyond other about products talks management like that we've new the in franchise crops, of apples. our it franchise X-MCP SmartFresh talked X-MCP, So our big an other leveraging it's are diversification, about that Harvista markets under in

then to moving are real-time U.S. continuing big one customers early, that's in of our it's near while it's as platform And will which think with rock. the for data our both the future VitaFresh analog, and we supply and us also set expect Botanicals, competitive we important quality and is through in new Europe. differentiate in our harvest, help FreshCloud designation, understand the our in organic timing insights And to and which plant-based also advancing So produce that do coating using innovate also storage still across chain. I of believe strategically we secure natural the then is to from help lead

We encouraged trials across we're VitaFresh customer different Botanicals the are both for about the FreshCloud. that markets and getting with

minutia, important, but same also not So with a customer in the time, trials. cycle these at strategically selling recognizing still early important

Joel Jackson

much. very you Thank

Clint Lewis

you, Thank Joel.

Operator

The from of ROTH ahead. question you. the go Thank Sweeney line Please with next comes Gerry Capital.

Clint Lewis

Thanks and for taking Gerard. Thank afternoon, Good call. you, Clint Graham. my

Gerry Sweeney

But Clint, follow-up, diversification digits. double quarters, but has bit growing, the was that know I sort a it’s if of a I to -- consecutive been you X said, disposed. as want don't little ask question differently

increase an for As out, blocking could this said a several excited gradual we tackling, quarters or of this new the coatings even to sort little sort continuous get opportunity some even in maybe geographic background is just bit for products of And is there expansion, looking us. more moving and you look X at be you as then and or a a around. registrations, X of of things that say lot

Clint Lewis

margin, again, historically platforms that gross traditional bit you the net on mean, to company the may and expansion anchored if me really of while and diversification want look need bottom show dig expectation top have as gross mix profit have continued and deeper. products people SmartFresh And appreciate, as also that engine this be a will line diversification will historical for I I'm profit as the -- and to the which of then will we we will question for volume have least to interpreting dollars, set I can apples. defined the our growth we continue and question. We've growth. from the the at drive mix we beyond Gerard, again, tell changes at different little Yes, to

the excited in sit drive top line strategy. fair the commercial we other is the across terms levers So sustainable registrations really we about think a near term, growth about would to growth crops from exploiting medium to amount the still on driving in markets. opportunities get of today focus other and that, organic diversification say bottom and that very as the we opportunity other about for unlock and now opportunities and for right on those markets putting us of the I

Gerry Sweeney

helpful. is I got Got it. you. That

that at AgroFresh pricing away is more I'm this resulted you your heard So stable the on not your talked be have SmartFresh not you moving and pressures. slightly, again, something categories? you all I said, some in inflationary just that from, could a think pricing, bear thoughts that. little I the generally and [Indiscernible] looking getting would potentially switching selective? do confidence Or Pricing in, earlier. if market it that we bit to a gears year. later that across improving think shift list as on That's as about the But past, curious but some

Clint Lewis

had Jerry. been company defending Yes. of face question, fair, lever price. discipline legacy if AgroFresh other mix the SmartFresh of of diversification I on against of and will. importance And one the To have you the these be in been to past. really copycat always again, the part anything not good than to -- in this think almost having be focused transfer. exclusively -- It's the business again just the copycats candid reinforces generics, in a we not company commercial the apple other That's It's

share. our ability premium fairly a continue be to to able to those have against the market and spread good still significant competitors and a to hold And global command on so industry-leading

they these or products and holding like to fungicides and longer-term customers. very FreshCloud into is us also and products, apple, the existing all price contracts of allowing number the exchange but multiyear for customers see that total effect with that those products decline to our see apple so in bundled other AgroFresh the those in more services and of deployed that, large bundle the of also allowing contracts strategically just to that collective was there. price modulating they hold apple us of success any disinfectants Our continue has a SmartFresh We've share not sell again, premium

clear of these having and price number contracts sticky over holding been given a of success the price years sight without So line question. a multiyear of the and has predictability around a that

and index Now of given the inflationary the a so reset to offset. price inflationary the we some even of our more change second opportunity, our specifically especially but seeing frankly, fresh to with to the price, right offset we as believe and take price see that it's of pressures, is fruit half reset those the as And quite to us to in with prices the categories seeing across to we half where produce to and contracts those didn't all price, earn giving in of the at disciplined now mix. taking Hemisphere, multiyear move in our the the sunset with retail Northern more historical and we foods is into biggest we're increase year, smartly, expectation selectively premium an pressures that and in as And start a an we're which way. of the have consumer level the ability

Gerry Sweeney

because -- owns Agrofresh I here, you of you products, molecule, answer manufacture if copycat have believe and don't little basis but a call -- bit sure well, it. structure can copycats exactly right I generic not molecule the a not some a call or they benefit environment? if I Does even sure actually I'm an I'm they a different of actually in inflationary believe Also, the actually give license that

Clint Lewis

they comment the crops build data the data, some have not ability; product secure can safety on able And for I'm so for for it, competitor and in if able have that that. of us again, because we but what have that tox be the package to data. register pay in some to moat like done does X-MCP to us do generate our patent because other of registrations so early No, lots right? to we've is again, the respects to other one, here, a market, So reference to understanding in they and helps to too the be they the the it's

from global a commercialization the footprint a basis. second have we on The is standpoint, regulatory

global We commercial have on footprint side. the the

franchise. we So and helps that stickiness the apple the keeps "broader moat" believe SmartFresh of drive the

Gerry Sweeney

Got then final one And question. it.

in I you SG&A reallocation. alluded some to think or changes

to little curious bit that second half, maybe process Just in if guess? what has the to would on a sales that with or do more be the I

Clint Lewis

Yes.

the value footprint. and we around entrusted the capital And where So around again, commercial more some activities. SG&A is discipline demonstrate us continue to of again, we to point as by resources this timing. want seeing some favorability talked, really quarter around our given in we our revenue-generating focusing us, is it, our But in investors to you're to for a previous generative, expand really how do continue to

Now again, a have already. footprint we global

registrations said, markets the other that as as key in efficient representatives in high-value standpoint, dollar new So is to book we an for and crops revenue-generating most markets. customer-facing, we have from ROIC of effective often I've use advance

really that's so the is. focus where And

Gerry Sweeney

your for Thanks to nice it. time year Appreciate [Indiscernible]. the it. start Got and

So, appreciate I it.

Clint Lewis

much. appreciate Gerard, very Thanks,

Operator

comes H.C. final Wainwright. with of go you. Please Thank The question Sameer line Joshi from ahead. the

Sameer Joshi

Thanks -- thanks, Clint.

bit Just more on a little SG&A the front.

On the you derived that? benefit currency revenues, had you the impact there of a exchange. an Was because the SG&A dollar on of that

Graham Miao

Graham. admin the our activities. for item. our the for on is you line year-over-year primarily sales it's and timing; effort support SG&A reduction full And in certain reducing administrative we two, question, The our Sameer, reallocation Thank to cautious revenue-generating do one, anticipate year, due to; is in benefit resources of

Sameer Joshi

that and and SG&A benefit? going once forward just and to leverage forward, leveraging for going percentage then you sticking terms example, decreasing diversification it. getting this more other Got item a that as products, revenues VitaFresh have sales the total line in And see of of do of more you

Graham Miao

XXXX, we thank revenue the X, and years X matter right? are 'XX, consistently items decreasing. And our absolutely. the look the of And starting Absolutely, over actually then we and line of P&L you for over just if X has observation. at the percentage that then then the had, years last as years, And a fact

So that to the -- operating that should with I see leverage see agree you P&L. be we reflected continue in to

Sameer Joshi

Good is I saying, in that know your hear but it. that. me impact demand what it fresh for is -- high an because question on lay understand larger of let just products, inflation, or inflation? increasing use sales? a more of This an is whereby next produce I'm you there to Because indirectly of your increase good if there demand Got bit requiring out. may naive, appear but don't

Clint Lewis

the So no I'm the class. believer them AgroFresh, growth a middle there, always if that the fresh and a growing it's support with undeniable AgroFresh. a change continue what always produce. so in growth to It's share even last seen pandemic. so company it's facts of said very this questions, that naive there shift middle years the of we've good and to like of will, clearly fruits more, class X and But at the you over irrespective growth, we are bring I've And question, from said I've a population the investment that, and on. more be story please plate, diet tell of the taken looking of is the the strong the are staples here all of is there has and as and have the

and climate, an things sustainability real not land for those of challenge also ESG and all farming. to there mention impact know The like of from resources is natural with around continued We the less arable push water standpoint. the

I we always and And net-net, things, to what the food increases track continue they may temper look but tempering demand, more And trade we again the speaks we're fresh in investable concern seen inflation increase So of AgroFresh any is stay while demand on of but have given data, we sustainable. high a and to which opportunity, support what the may be term, it produce continuing be all a at where of robustly those space the in as externally purchasing Again, said across for that it, AgroFresh's we're for to not and seeing to still see we that think and I that durability of demand in. if you there may fresh volume. before, see tailwind long denote there consumption produce. a only fruit

Sameer Joshi

thanks for so acquisition what for SmartFresh in the going a away talking then clarification. potential there plan? Are XX you is months? forward? of diversification it, in And -- Is the X to thanks just you Got from a that apple, doing further be strategy terms Or next will targets? to

Clint Lewis

question. good really Yes,

proposition that we be say for but leader I we customer. is ever the the need will should vigilant this of the a market that ourselves a remaining market taken post-harvest So leader, would value to be as a set novel, have and to expectation as clear differentiated never that as hubris, in space, technology new,

to evolve help a the need strategics again, clear which is, for growth second we we industry of our our what's to differentiated not proposition, that and mode continuing growth syndrome. grow, market is as advance strong in post-harvest here I are a strategy as grow to that, to standpoint, that, is invented to that, organically sector focused it's from medium That ability said, significant and working, value to that leader going mentioned earlier, space. feel space contributor demonstrate and term. thinking say, will and We and near the continues be the The that historically avoid our any continues diversification regardless a is on unique, be let's always with the I data been with to again, not innovation want of the to recognize that's

strategic or continue up back The financial would last something. coming think not majority is say thing of against businesses. academic, will our do the put smart, start-up, having no M&A a structured, from clear, vigilant in we've It's innovation structured framework M&A. we We is of on very way wall partnerships, but how I about and for to in responsible founder-led generally is Remember, the mom-and-pop, ag large-scale space typically companies. other the to technology, smaller remain

means a value that efficient smarter standpoint. from standpoint from that So it's and that more

focused we've on. what very Second, with lanes been of clear we're our

responsible with a we unique again, X% believe should So from opportunities can And market the time, time, disruptive. our be energy years of company, a be that within where unique, need on believe is opportunity XX% platforms range. lastly, that known, may to where, on timing but clear the and those the those market relative energy, of regulatory we market and novel, advance. differentiated, be a Commensurate then effort science or that just life as I've next focused XX% be ideally IP to protected, to be resources. But will repeat, X to on standpoint, further be said may and on we dollars be X% clear of and the basis, today the energy for are ideally before smart our external there's either clear, remaining focus, discipline as truly in XX% and regulatory that, we will path path are time, the off, may it's somewhere IP-protected of a focused to be us can not comprise that effort

convey responsible it's So and about again, more opportunities. fulsome I to answer, of the -- way growth we're want smart but inorganic kind thinking

Sameer Joshi

is Thanks good for a luck the and this half. all the No, second Clint, color, lot for great.

Looking it. forward Thanks. to

Clint Lewis

Thank you so much.

Operator

you. and time management call the the I there would as question-and-answer this the back and turn questions, are for gentlemen, to end Ladies remarks. conference closing further session over at like Thank no to

Clint Lewis

investment, engagement, operator. Usually, thank we your much, very end saying your interest you AgroFresh. in simply Thank thanks just the again, for for you questions. And like calls this in by your

as stock if returns, yield opportunity criteria, long times that crystal these the continue AgroFresh in gross companies these capabilities flow. think good to these again think be opportunity. a ball. looking for and margins, analysts margins, different have think established will global Two, look generate And continue investors I make real believe of believe like attractive given volatile all very But volatile at for market cash even high and a I indices, we companies term. talked that are operating about investors look of time. a that have benefit as margins that macro none AgroFresh I have distinct that and and the here during really One, you we footprint and theme for dynamic us for we those and volatile look have at an investable provides it the under regardless of times we've to the

for but for And continue us top Take with committed none the support opportunity your profitable interest bottom the of I ball, So to sustainable of know I have to that, to and AgroFresh thank that demonstrate and we continue and grow to care. benefit line crystal company. of speak are growth. your for you management the the

Operator

Ladies gentlemen, you. call. Thank do and for conference you this thank today's We concludes attending.

You you. may your disconnect Thank now lines.

AgroFresh Solutions (AGFS) 12 May 222022 Q1 Earnings call transcript