LFG - Earnings call transcript Q4 2021

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Operator

Good morning and welcome to the Archaea Energy Fourth Quarter and Full Year 2021 Earnings Call and Webcast. This event is being recorded. [Operator Instructions]. I would now like to turn the call over to Megan Light, Vice President of Investor Relations to begin. Please go ahead.

Megan Light

morning, good and you, everyone. Thank Energy, Welcome to Archaea Inc. Earnings Fourth and XXXX Quarter Full-year Conference Call. 's Officer. are today and Chief Chief Archaea's me Stork, Brian interim Investment and Officer With Financial Nick McCarthy, Officer, Archaea's Chief Executive quarter Archaea released preliminary Investor are XXXX and operating Relations results portion morning, those on website and at the and archaeaenergy.com. results this available full-year for financial fourth the of our this are call, and to replay after the also call available access this and on presentation available The completion be for of a will months. for website, our webcast XX

our we on your like Before which assumptions. I'd to begin, forward-looking contain call, remind involve to you answers that uncertainties, and remarks including risks, statements, this questions,

date is not performance, Several could and obligation Forward-looking statements. presentation. actual X forward-looking after of or statements statements factors that of reflect our guarantee or could a Slide events to of forward-looking undertake the described any as are views on not circumstances in are date call, this contained of such the cause of to to reflect does differences call. our such this statements update from and what contribute These results differ materially Archaea

results. discussion in limited non-GAAP a GAAP definition useful in information then Nick review included of manner in be should addition substitute the by with accordance presentation. the an a to reported the highlights, financial for evaluation will including Nick but these and as consistent measures, plan. will and our development measures evaluating We believe will relevant Brian not of XXXX a the be in appendix management's operating guidance and of presented reconciliation isolation of considered call developments providing this commercial and the non-GAAP will measures measures Additionally, recent begin GAAP an performance, results, call GAAP nearest not to is our is measures in quarter should our non-GAAP financial today's update effectiveness and that in highlight measure contain operating A to financial Non-GAAP EBITDA. of and results and or overview adjusted certain provide and on considered of fourth results, performance. used priorities. strategic discuss with to the

open Executive call We will Officer. then I for Archaea's And the Stork, questions. call Chief turn to now will Nick over the

Nick Stork

role is participation his Financial facets talent. Morning, him thank have quarter with in results. proud de-SPAC of work emerging Archaea's of to the Investment expanded of Officer. as appointed We morning, served of our we're team. Financial division Archaea's dedication achieved excited past I everyone. company added and Interim functions our our and the Chief announced leadership I'm team We zones appreciate hard across for Archaea our year. priorities, mile Co-Founder number completing and successfully being the strategic to here and newly full support we've Brian many driven as you extraordinary rapidly results the And to and our teams. A our Brian XXXX Archaea's strong earnings previously partnerships. the And for throughout commercial of Officer, into key resume fourth transaction, a delivered additions we by companies, private This McCarthy, call. growing complex Chief management of several and year long-term on building of our Chief advanced quickly the business finance also a an very and business. Officer additional public the support two architect while efforts

him for I Edward kick Archaea's many and matters. they lead next Edward Eric like respective Initiatives helping in Ellis, and has forward transaction us successfully with Since to diving meaningful Government build in execution, And Javidi business. public look regulatory governance we've Counsel Affairs. our legal progress development General their EVP evolution. Strategic and time several public of the excited and as and appointed and company structuring like our predecessors, last Brian working help to and lead I'd compressed to highlight corporate company before of function thank phase and briefly made call, a Lindsay to also We functions as deeper. support experience our Ed tightly efforts. in have aspects strategic significant our Taibi of across management, frame. I'd We're them

production $XX.X more full-year we're $X.X First, of the strong X% forma adjusted pro announce of of revenues pro forma above loss of forma MMBtu, forma the million X.XX year of our results RNG sold full with today of range. MMBtu. above pro than million, our net proud year pro of guidance to million Full-year $XXX.X EBITDA midpoint financial operating and $XX.X and guidance full million million,

pricing market Commercial ahead facility the momentous and Our capacity environmental of and development a highest professionals. testament December we driven was attributes a of commercial industry the in our higher under the outperformance late achieved for in U.S. production operations accomplishment the to in-house in Operationally, operational project which were of and volumes achieved operations years, RNG at schedule technical RNG strength two largely electricity. time, and XXXX, now RNG higher is by

approximately of dairy achieved our momentum We XX% capital compared Version annually year, deliver the which MMBtu price reducing sources. breadth Commercially, half our by into few XX% FortisBC you and improved the to industry we ramp under entered of across volumes will annual Soares expected on to more at joint XX% contracts within are up a LLC our by for operations Northwest Mavrix, the team's fixed production. contracts two about facility, X a with continue RNG facility, agreements respect in expenditures That's X.X total is averages. we of and estimated Natural digester up. these those long-term development, in design the once deploy new venture. technology this Brian approximately commercial track With Archaea dairy million economics second tell biogas long-term plant our of capabilities to to into project plant to We showcase early of almost January first minutes.

backlog, expect last low-flow to backlog meaningful this working landfill for backlog up our announced our power added estimated attractive competitive economically rights today once added our adjusted of ramped additional increasingly potential up. development our gas we possible completed development to team quarter EBITDA opportunities our $XXX as high-quality large, development our million projects five as new April has since long-term XXXX, open sites. an Strategically, backlog. XX to reduction development combination the cost in the to many secured backlog We are our to total XX which by have approximately market expanded in projects agreements. in earnings our business upon capture projects to was And and development in projects we to build all bringing Since annual is opportunities total call,

for than the a timeline de into substantially on XXXX. attaining shorter We industry a landfill We project and averages sales XX, to have gas commercial task, gas Assai monumental facilities. two -risked executing and long-term in after to years December much agreements our RNG constructed, on power strategy for at and successfully We achieving path the rates, than RNG. less entering that commercial earnings long-term by commissioned, achieved operations completed

per an Landfill the capacity in inland making it or feet capacity Keystone States. highest Sanitary [Indiscernible], operational facility United Assai has is area, standard and located the in Pennsylvania cubic of XX,XXX SCFM, minute, the the at

operating the been since has Keystone March [Indiscernible] and Assai flows full at Landfill. uptime from full recovery Xnd, utilizing

Assai nearby from Landfill flows We to the Alliance weeks. pleased expect far coming tune so very plan continue We're future. the fine performance add of gas the to to the the expected near and in in with

totaled project, for capital of to and the the build estimated XX a Alliance XXXX December of of power power of profile facility included landfill impacts adjusted generating megawatts. a pipelines, capacity EBITDA, for with power, acquisition through $XXX PEI approximately XX, the million which for the the acquisition. Assai project Xx Capital approximately gas attractive including is expenditures combined a a network around very of Assai budget rates return with Landfill, within expenditures PEI the a multiple including and

partners Waste Energy a FortisBC UGI, We the our awarded basis Environmental increase was including pricing an next to and adjusted the approximately million from under I'm facility to located contracts expected leading thank Department long-term expected Assai rapidly waste this assuming expected on the of tirelessly based commercial and Protection. markets. like capacity team safely, production for by EBITDA and Alliance for are Environmental higher decades thankful and long-term long-term with landfill their our California also and budget, to to on a our from Management, of the $XX is success expected June and flows volumes. Landfill which adjusted and benefit over the In years, accelerated the expected of XXXX, strategically timeline. expansion teams long-term landfills, the stands place for our working partners, production, on the Keystone RNG uncontracted therefore several and gas on growing Pennsylvania project. of at to are agreements rent $X.XX Department within the University to commitments include Protection meaningful full EBITDA Assai the in rates contribution Keystone higher decarbonization Project and from long-term annualized complete to which I'd of for have into returns. Pennsylvania at Assai Keystone facility, currently project, to be and significant gas

plant in was XXXX. key our implementation standardized of the modulized its made and We One in Version priorities strides for Archaea great of development X, XXXX a design.

on focus plants X,XXX XXXX, CFM interchangeable our this are skids built focus design and sub from to will We on primarily system our be implementation. standard and sizing on currently year Throughout components was capacity. four X,XXX and developing be with procurement to ranges

builds of of inflation development next. the substantial to current place capabilities our year of components orders to Our the supply year. we X risks. off plants, Deliveries in to this which our covers have Archaea minimized which should and us time. install is us X end for the key expect XX pre record supply These have in in in have second to the plan this shelf Version near-term our major components and most and build the plants significantly We and and allow fabrication construct for -orders half our goal future, projects in plant expected chain begun equipment Version currently new enable chain pull to for

months Version averages. project XX timelines costs Archaea and about by expect industry XX% capital construction X development to We reduce to and to compared reduce to project per

to reap two to rights build total subsequently projects RNG a sites new plans choice, opportunities completion. RNG landfills, in XXXX, operating project in venture and of joint We landfill increased our new handle us design at to acquired expected XXXX. project build total three our new December, attractive In to the February many XXXX. an gas which optimizations with our for high-quality our market-leading asset landfill agreements validate approximately co-develop All the with last a November projects facility. enabling to RNG plants us into RNG and facilities SCFM we XXXX, X will to to have because backlog the since In plans our in since joint landfill gas venture. completion. was course we think after total of is for XX X And year-to-date electric and developer April We of adding methane benefits expected rights. a facilities success XX Version in announced combination with of develop of the expanding forward increasing. designed January production with our And agreement announced CFM facilities RNG X the facilities these we April executed place, our also of to we are In XXXX independent over we gas electric the new position last of X We've added the time call, rights wide in the uptime the since builds. plants business development implement locations into from owner. development projects backlog includes signed to facilities development at combined This addition acquired quarterly this flows in projects conditions. when marketplace X,XXX design. higher of in to on develop gas XXXX therefore after a existing expect net to the recovery a competition build bringing to XXXX, acquired call, Combined the Archaea X,XXX agreements added development advantage gas array two continued additional us an projects be year. Version on rights X entered on the XX projects. at relationship We're That excited in over positions gives including backlog We rights significant gas we to time. RNG are flows intention Today, gas approximately into the projects, ten and development to net and

builds, and electric on sites new include be greenfield built existing the we On sites. plants RNG on to

a able assets, post development and/or to plan attractive. we striving to sites portfolio. long-term EBITDA. a multiple our and to a include and is existing very estimated aggressively about of an all-in spent sites based target return in reminder, XXXX existing develop our We XX we XX, an of RNG estimated focus upfront which, we to assets. return gas are payments volumes on are parameters, And year-to-date assets be to landfill to We downside add gas projects including electric additional That cases, some all to gas increasingly these total only. gas and acquisitions in rights the million on modest remain on acquisition and acquire of shift And within $XX on levered to pro of XX% minimum XXXX parameters. electric and rights to capital a as expect electric development procure a scenario. cash-on-cash [Indiscernible] case In those seeing for developments at rights our contracted approximately to estimated facilities and forma competitive in stick market return

XXXX us cash can add creditworthy all. set won't attractive level procure The We of to in capital to us. development opportunities business capital And purposes we with a is opportunity RNG today, by of we possible, to potential million our we seeking general EBITDA counterparties meaningfully economically our pricing We our believe EBITDA goal beginning. with XX approximately could over long-term XXXX powder today, up, quality our information annually as profile That pro post-development as that for high-probability XX we're forma This our long-term reduction is as believe access times the and attractive to markets to this debt a once from through will benefits be quickly could the enable provide win volumes acquisitions of strategy call may, the uncontracted production development RNG we of to update development do environmental debt While cash review production flows, a intensity plan in believe is returns on our development a carbon per the projects conservative have earnings earnings opportunities for on stick impacts to projects includes only we times support by acquisition more the estimated and contracts completed supported production initiatives earnings EBITDA, additional ramped to parameters, or enable refer to adjusted are have capital assumption EBITDA. five pro we sequestration, with volumes backlog time-to-time, pipeline. power set estimate and of carbon long-term opportunities what plants. with $X.XX adjusted capturing price $XXX the flow in modeling with growth massive commercial for should to there in approximately on see our of our or RIN sites for we our our And more financial under assumptions. and plan including estimated adjusted them our which ultimate approximately Brian fixed-price which acquisitions. additional in annually. all achieve fund portion house turn of presentation adjusted supports us model rights of certain I'll power to With investment. that of product, opportunities. combined contracts potential only from only finance ultimately a no that, debt growth this gas fixed to attractive our place million for to $XXX Please execute business more increase potential The our rates on rates provide opportunities backlog MMBtu dry build our and we now and and today, to six results. power, for is projects at do potential making capital With million forma so return we gallon

Brian McCarthy

commercial heading today morning discuss quarter financial good and I'm fourth recent results. successes, and and here happy to to priorities our XXXX, all. XXXX our Nick, you, our Thank commercial full-year into be

signed As RNG annually huge is recently, and to of with Natural with on XXXX, Archaea's across long-term price XX-year the from our a tailor their signed agreements began signed X to quantity physical portfolio, production. with of our to goals term for their environmental long RNG. achieve our million the our commercial separate Northwest needs volumes two Nick us annual that portfolio environmental new to to X while be contracts to with facility. in January obligations decarbonization November, and a is by finding Assai mentioned, Fortis the ability with physical FortisBC. partnership we contract year attributes from up attributes enables economics the contract across MMBtu have in for Natural enabling and full [Indiscernible] utility our approximately started from to This customers. related with a price Natural contract contract RNG wins we million XX-year attributes in first Northwest X.X pairing our fixed production in we of this be per is environmental sold The [Indiscernible] we sold fixed stable Northwest contracts them contract first from initial Both highlight our to gigajoules will in ramp elsewhere contract In had price XXXX MMBtu products XXXX. our new fixed our our up Selling for only expanding to long-term up environmental the long-term the In with from million portfolio. lock benefits or contract FortisBC, year earlier of to portfolio. This to meet

attributes. of on will while scale be we high-quality all the contract will environmental contract we producers replicated customers. and commercial our a from sell are and in up portfolio signed strategy expect that I this and regulatory XXXX. quantity approvals annual necessary to single we the RNG RNG this volumes year it our largest and believe pleased Both by industry. announce RNG ramp highlights evolution contract our contracts is and approach Archaea provides contract, this be this to operating commence Natural counter-parties. For early customers volumes the Northwest reducing bundled to full date by for serviced received provide risks portfolio, many am time to execution to that to ability the FortisBC by site-specific an contract credit-worthy later with This site. a our new cannot flexibility, We

at achieve for carbonization social sustainability look about goals multi-decade our and local forward partners the projects We while and are - linking good our our customers partnerships. excited these we helping do RNG communities. their We their de to environmental

we've XX% have on our of contracted wins counter-parties. under production these and moved contracts. commercial today. That the for expected of long-term our an up fixed-price target based backlog under the agreements of expected under XXXX, in RNG much on existing expected volumes once in on XX% volumes recent under XX% our closer with estimated in our sales development basis. out approximately us ramp full mid-XXXXs, built volumes we're credit-worthy maximum long-term is, based selling projects long-term is once Currently, Moreover, production Our contracts contracts to contracted approximately hand to

the This are and contracts about estimated to opportunity recent about long-term additional XX% volumes. and added at in with our contracted base. election. alone contracted those maximums think as case us a the capture downside we've contract, sold specified for protecting a our volumes Our also nominated to Archaea's our our gives locked upside, volumes an on proportion of range, long-term under while and range contracts, talk We two Many most flexibility and operating volumes. volumes as all higher economics of based

Energir we target, utilities, expect from offtake selective to directives, ranging feet customers have add look XX corporate current Fortis, be will both long-term movers lot increased base. with of first regulatory supply. we partnerships. from over to customer of eventual voluntary alone our billion and We've university and X.X and success our RNG expansion had which year Northwest to we and current up times XX% of sustained targets X% implied As XX% we with cubic their of achieving per natural bcf with have our towards Natural, a Many utilities, continue broader targets due or production. of demand demand, our been And to from our about long-term and gas is estimated

result fuel, voluntary demand bcf have hydrogen, the increase, and expect to seeing for we in this late for expected the also large of we of for with in level contracts, an middle we and regulated decade. the in at see California for by Commission, and XXXX. seeking such of seen regulatory In as increasing multiple that for biomethane our utilities. state to Since utilities biomethanol, targets RNG XX increased the are over Public by recent sustainable demand uptake use for are potential February, RNG the Products aviation We RNG Utilities Diversified targets parties announcement support and demand RNG, RNG, volumes of of mandates

into to MMBtu some MMBtu have price we portion value of generated be to March on seeking to entered fixed production. of expected million short-term expected at agreements million at XXXX Through in XX.X average volumes. RIN on X.X pricing further a an RINs our $X.XX sell This per are an risk long-term per locks by $XX.XX uncontracted in approximately of equivalent of minimize economics gallon. in locking forward our Beyond contracts, we XXth,

agreements near-term. of the approximately our uncontracted fix XXXX in additional XXX,XXX With and expect additional prices cash and prices project and bolster place, helps over in business MMBtu we sales for today's stability generate to our and expected use market related the to we have XX% remove flows variability forward flow in for on robust production currently RIN prices RIN us locked to acquisitions RIN financial our development Locking further up in value additional through cash to our from R&D opportunistically strategies. will

Before I get into regarding our fourth-quarter and give full-year results, of quick information. a financial I'd presentation like note to our

As our XXth, closed Aria with and accounting acquirer on call, Energy, business Archaea, XXXX LLC on of quarterly or our discussed we Rice deemed combinations last Energy, Acquisition the Corp September we LLC. Archaea Legacy

Our beginning results through the Legacy on Aria through September or XXXX. the December the with of results up XXXX XXXX the include closing date prior XXth, to XX, Archaea closing of date for included September results consolidated financial XX, periods

investment combinations on January your of operating XXXX metrics as a We a pro asset results meaningful gives believe related have it X, assessment had the the community. to and on assist We of other forma basis, effect more they been pro information our gives in full-year as we and the of results base company forma full financial the believe basis the on to business Financial today. information this will certain presented presentation if presented transactions XXXX. the financing completed of and

information year XXXX. about months release XX, and of three and the contains results December ended for our forma information additional presentation Our pro earnings financial

if income For adjusted MMBtu attributes, electricity, G&A $XX.X million environmental $XX.X million, and for headcount the as production, megawatt produced costs fourth income of well certain sold costs gone XXX,XXX multiyear and included and have G&A which been Net half we and $X.X over driven service pricing hours the adjusted by a expected increased increased be to net in timeline partially would we be the market of EBITDA business, company approximately fourth we had million RNG of basis, and to our fees G&A million XXXX we as for scaling via costs. of set go-forward shortened generated period gas we quarter, On increased of the due to electricity. We other quarter. growth professional company which strong the the a to of SPAC. EBITDA legal, up fees, traditional $XX normalize IPO offset as totaled second incurred functions, to quarter XXXX. and spread and have and future a from support to our public X.XX strong were expect for compared by in primarily million public to public audit, natural costs

by net RNG adjusted sold business was full-year for related X.XX of guidance value market Pro non-recurring previously offset the we exceeded pro our fair hours warrant and and for of $XX.X June X.XX million the administrative to net sold was included Pro the costs full-year EBITDA forma market positively primarily sold combinations. related pricing. for For the driven and million to LESPH basis. million increased million primarily were forma combination expenses loss and fourth of the we megawatt partially and costs provided by pricing, expenses. from year. LESPH $XX.X in XXXX. of exceeded million Electricity adjusted a XXX,XXX million Pro EBITDA gains of strong EBITDA related produced non-recurring a loss XXXX, of $XX.X totaled the from assets, MMBtu in for general approximately which of transaction including adjusted amount extinguishment megawatt on forma XXXX, sale primarily by forma hours a produced loss business by Aria and XXXX for costs by transaction forma forma of electricity MMBtu, an sold from midpoint $XX.X partially in pro full-year a of changes million We impacted forma increased our offset in million and full-year Aria, $X.X G&A pro Non-recurring transactions pro $XXX.X gain of range full-year of the $XX.X million, XXXX, a XXX,XXX in quarter debt derivatives including XXXX. on reported and a the to RNG strong produced

$XXX.X we issued million of outstanding financing. of XX, totaling million credit borrowings, outstanding under borrowings credit million. we had million $XX.X borrowings had and including facility, revolving Assai related no As December and to letters $XXX outstanding project Under loan borrowings of our $XXX.X of outstanding of term had our our

As equivalents, million revolving position million of undrawn and cash, including million, cash million of of our December under XX, was $XX.X $XXX.X cash capacity restricted facility. $XXX.X and our credit of liquidity $XX.X

into inflation for additional earlier, significant our made economically discussed Nick opportunities development to part acquire and projects plant of in investments an development significant We've deployment has capture development prepare development made competitive of minimize risk. as we and to our which helped As investments our design, our of strategy increasingly have chain supply maximize market backlog pace our VX projects market. to and of share also attractive ramp

During totaled activities investing million projects in the We additions primarily to property, $XX.X development facility. had for the of and $XXX.X plant, of Assai under our fourth quarter, equipment cash to million. to equipment and related used related procurement

to in full-year to investments. development additions RNG $XXX acquired of million, million, PPE certain $XX.X projects. also equity purchases related County acquired assets and $XXX.X $X.X investing million, million We our our and $XX.X forma contributed X million cash for Assai equipment biogas Pro for and primarily XXXX, totaled used including totaling for certain for future activities method facilities rights Boyd into

warrants. cash million, biogas redemption November, $XX.X In we on early our and the certain $XX.X exercises. stock warrant contributed investments to from million of repurchase A and forma which basis. warrants, Nick Additionally, for XXXX acquired equity X.X step redeemable our pro of we notice shares of $X.X warrants. million Aria I and million, A an of XX.X assets back shares buy and a total shares, in for B shares to of common rights method million, certain elimination XX.X Systems, for all guidance XXX.X it X.X discuss development Class we issued potential into any resulting our important Energy And simplify we cash turn net received million acquired issued to these redeemable $XX.XX/share. overhang XX.X warrants And use our LLC stock agreement used our exercises a were redemption, Renewable to any Minimize million this now, will count into at reduce exercise dilution of dilution result resulting received A entered a share million stockholders from an to to proceeds share as from to the existing Class we price of warrant to Class million plan. structure from related of proceeds increase and the

Nick Stork

Thanks, Brian.

results, the financial also provide and XXXX heels we're today. excellent of On to full-year pleased guidance those operational

to RNG adjusted hours, XXX,XXX expenditures of MMBtu, to production capital XX.X to million, $XXX to XX.X XXX,XXX $XXX We expect sold EBITDA $XXX million megawatt of $XXX of electricity sold production of million million million. million and

under from assets, efficiency incremental expected our Our on XXXX discussed, an production existing optimization performance expect is both expected approximately and the new contracts. combined plan, sell improvements build Brian our based projects. perspective, XXXX, long-term to From RNG production sold the our XX% as million of for current operating pricing production approximately achieved operating guidance development a expected be including price in to fixed of projects we X.X in XXXX MMBtu

of And RIN million per to market MMBtu open our gallon to have related $X.XX prices volumes $XX.XX production MMBtu expected per RNG $XX.XX realized An on least we in per $XX.XX also gallon or to $XXX $X economics approximately MMBtu. approximately of subject of At our price XX% to over XXXX. RIN We expected million production, these have X.X average expected be assumed of volumes. MMBtu or guidance to uncontracted a of pricing. for X.X locked for range,

Our impacted months. our delays and permitting our outside a on several few development been of zoning guidance and control, projects the by plan dates pushing back EBITDA by adjusted expected completion XXXX has full-year some

substantial expect we Acquisition significantly in the the operating scaled addition, Corp and organization six of the months anticipate not at the do now G&A last million material to have leverage. year, our going time business $XX approximately consider than leaseback. Rice We G&A $XX million higher to have In in and be estimated increases forward per

tailwind lock expected in before of some have for in rent investment million of of complete our in XX expected placed X delays, a into to capital new investment Version end completions. we development of to dividends and of our expected is XX we RNG XXXX. guidance XXXX the We Despite plan slight impact to very these the to service to offset projects our the Plant be expect half Archaea projects full-year robust midpoint the design to sales the year. At we XXXX $XXX able pricing total range, to pay existing results, XXXX the year. may begin XX in and timing our lock including in for As of of the to XXXX, plan portion facilities more optimizations second strong build the a in and we near-term been expect

approximately development $X We $XX invest midpoint, initiatives also and in $XX to to projects capital years, million completed approximately maintenance in in including capital. onsite solar in expect, million future acquisition for sequestration and be at carbon $XX million expected the capital, projects, in million

from of and expenditures, or development through be price liquidity our cash cash With we and may capital or throughout We for believe we expect existing projects, portion capital general the a debt stable with and funded of expected fund plan markets operations generating for related additional purposes. We time-to-time, from differentiated flows our commercial our acquisitions program flow the also, corporate to on sources capital focus development to fixed long-term incremental year. opportunistically contracts, XXXX. opportunities as capital our as continue provide great development strategy us should capital obtain in support as to and on be to expected and make the our them have economically enable markets, In returns optimization act company build quickly XXXX, we a attractive ample I private optimization new our for further decisively prioritizing The development to investments, and outside opportunities capture includes can. opportunities both to mix access mentioned, projects. many in growth public these and of to we'll projects accretive and plan

across RNG higher to We and from expect membranes uptime Nytro and to flows plants accommodate optimization even units methane of to upgrading improve for or a adding inner our projects, adjacent facilities existing wide building rejection range use, scopes recovery.

We the of course expect our optimization projects to year. be through the completed

sold being both, at are processing. methane of XX% for best your are progress uptime Uptime plants, of returns. capable towards the and how increasing above are gas and make our both metrics. additional and Methane in recovery, is we uptime XX% targets of believe increases in tolerant in the critical how XXXX, our recovery your at industry optimization our We industry methane as good RNG are well financial profitability operators equipment Our are. projects ultimate significant how good and you averages which measures of on we both factors molecule to recovery expect each focused measures at

incremental adjusted up once $XX corresponding X incremental MMBtu expect We million higher annualized is $XX in million incremental from total incremental million. completed RNG RNG XXXX approximately over projects facilities production annualized MMBtu We are of over The are long-term these impact annualized production flows. EBITDA estimate ramped the in EBITDA full optimization projects total of optimization and our adjusted to X and million. of of

uncontracted assumption have fixed-price under $X.XX for For of and we these today place is contracts post-XXXX. projections, believe price we volumes assumed only what in market conservative volumes

in included is our assumptions our about information Additional presentation.

and in These our weighted towards they're include We greenfield development year. the assets. landfill also gas sites plan, XX new to dates this latter targeted have where projects part currently build with of electric sites completion heavily projects

will projects incorporate build X new Version our XXXX Our design.

over million and estimate once We million XXXX in contribution all of adjusted the Assai, from build build year's basis, estimated because EBITDA million weighted total as are our in $XX $X incremental annualized expected laser-focused annual on of with basis. up. operations higher almost later be $XX We're plan production and fully to X approximately impact in X our base executing ramp ramp long-term be XXXX we approximately on is in of and development Once new MMBtu million over almost adjusted in an flows, this projects Archaea. us intend incremental in to million. heavily The long-term development of expected million position. impact projects to industry-leading RNG adjusted cement The interest XXX,XXX our in opportunities completed the long-term an the completed all and on forward MMBtu full remarkable, million corresponding the RNG and the your of plan, estimate XXXX the annualized with production we your expected combined projects you the up Q&A. to MMBtu, looking $XX production are plan these year. MMBtu Operator of implementing of today part and and facilities expect Archaea are on million. RNG new for EBITDA are Thank with are of capture our Combined annualized in to in completed benefits development projects almost annually, seeing incremental $XXX its year. of second the adjusted them in half Version I'll are X of that, from this and will projects result long-term front estimated corresponding incremental incremental EBITDA we X total EBITDA approximately for and of and all with to The call And turn in time much

Operator

[Operator the session. now you. question-and-answer you. Thank be Thank Instructions] We'll conducting

Whitfield Please is of Stifel. question. with Derrick with line question proceed first Our from the your

Derrick Whitfield

to strong and congrats your XXXX. finish morning to Good

Nick Stork

Derick. Thanks,

Derrick Whitfield

to previously on With focus RNG question, of last my first disclosed is XX.X guidance guidance current production the I X% guidance. wanted MMBtu XXXX approximately the midpoint the lower. at million to April, Relative

the in in With impacts? [Indiscernible] assets you noted the the help could [Indiscernible] the timing [Indiscernible] us XXXX Aria experiencing really remarks, [Indiscernible] of the degree last the you since your that light to portfolio And affected some impacts [Indiscernible] guidance development of as of and [Indiscernible]

Nick Stork

Yes. Sure thing.

XXXX, we're with the plan, least do seeing what increasing the very is in in said development similar, to we're we're So going Opportunities back originally I at we differences optimization side. doing being, April exactly The for pipe presentation. -- on really, overall

timing. -- we're the base, is current previously So all is our which considerable. and you and cash it, asset discussed from will see about about flow fill when very we the up really optimization the free from number the MMBtu real difference But of projects potential unlocking excited

we're from small. and XXXX, if slide you talks in very that's a and volume the there's money improvement So -- the EBITDA that deck in projects about improvement actually in that spending on incremental XXXX

timing. around just really is that of lot a So

you the just basis or what's move even or is to day that of a from that [Indiscernible] in the not because from way are the production if project less year MMBtu XXXX potential a really back XXX revenue an you called capturing XXXX, XXX EBITDA So on and recognized. lot the

through produce So that of or just we months. RIN several takes go when process RNG, a that we weeks recall certification

not we're revenue, so on least recognizing And at volumes through producing although EPA comes that uncontracted MMBtus side. until the registration we're

there, is it's not months. stored, flow but cash several realized that So it's for

an several to side, run-rate impact XXXX. production of X So that's But run-rate the basis end the year. that of million particularly adding that towards year full we're if one fiscal on the of on on little And and basis, the the annually see production meaningful impact over profile really you there's are a driver. that the coming very that MMBtus projects annualized there's or of getting in online

Derrick Whitfield

general backdrop? in backdrop That current XX then voluntary in if solar trajectory And likely makes customers contracts today and perfect supply-demand, with follow-up, the referencing Great. strong thinking slides supply price base. for perhaps on similarly to sense. you're the In light developments on-site these would of and premium for Brian forecast is about non-transport a long-term of think we fixed CCS my XX, pursuing and place And demand today. in the level mismatch that that about relative how of should

Brian McCarthy

together We you. about back more and taking how the utility. a be Thank natural thinking couldn't being a gas coming and market's step about excited Yeah.

about the of going that's really to and when Now, one to gas and ways they these growth what out are RNG is decarbonize trajectory, their natural leaders trying regulators looking key they're the in of and important think how decarbonization do. grid, also utilities and of

front, Natural, what as to happened announcement, solution. able recent to what really going folks Archaea with especially forward. looking Northwest other been are being you're and the source do what and in gas with with And seeing RNG that the expansions regulatory becomes that renewable we've with and Fortis natural of Now, on California

And risks. to don't want scale, mature. so target, more decarbonize, to single say, we we the experiencing that more towards do market to continue folks as we're we're inbound as to we march continue we meaningful and want letting okay, to forward and And look and project XX% take at want it

platform to of that go and we flowing today, trajectory can growth So then a lots compelling that them. with the we very has also whereas volumes has grow can

they pioneers partner for well. Fortis, RNG in grow true example, us -- with and it and as they're with the trusted up goals, to their one space view their so And lines

aligns on of really Whether middle it's opportunity goals those when of XXXX, grow and really we there. to start to decarbonization into this well decade, you As unique it's that's the our really some XXXX, see it out build growth these partnerships. a with trajectory

Derrick Whitfield

market and And on-site these Do on you premium customers Brian, maybe, today? just a likely solar a foresee want your to you would where response. place add the CCS pursuing to guys developments are

Brian McCarthy

Absolutely.

a them that to upside compelling comes of a different point as number our that's intensity we're improve carbon continue certain forward. ability a programs have but matters. adds carbon average carbon amount A unique component. of Archaea the portfolio will we as only that intensity with to I the that a think And you work carbon today, And grow on growth. and ultimately, do very second, not regulatory intensity doing, see, one with intensity, to come

intensity a point that okay, we're being that's when to goals laser-focused level I efficient to about, how to able going really point most in to continuing portfolio value it's able something carbon the of to my unique. think on decrease, so scale way, and And they am a And Archaea. obviously, that's to at meet also being

Derrick Whitfield

That's time and your great. thoughtful Thanks responses. for

Nick Stork

Thank you.

Operator

line the proceed Please Mazari of Jefferies. question. is with your Hamzah question with next Our from

Hamzah Mazari

for a others? technology the also the landfill And walk maybe for that you. around you vendors. is rights Thank the I'm around ask about the or first The has guys barrier winning but to to one, the through been question morning. gas just from your is multiple business. what while. think -- assuming moat been gas equipment are the is has having the I for clearly My entry while a project landfill, to how obviously around Good around reason

some consider competitive just rights. the and maybe scale the maybe items aside So well-known other you talk gas that about some benefits from the lesser of of advantage

Nick Stork

then One is incredible has portfolio that our to This the million year competitive that the that. included annually optimization piece in strategic we competitive operations which advantages, -- advantage today, opportunities. starting base in that, with long-term and the really have just assets the include Hamzah. than that's agreement, on which that much production is is second that we incredible to we're total which of portfolio MMBtus of build point And realize the Thanks, is And market. Nick. have our capability X.X projects under profile I free of to generated do more I'd XX unparalleled a flow an development and existing that beyond last there's -- cash to

free additional new really winning a $XXX can single have and unique point. million projects, and on starting predictable a business or that on other competing competitive has really and we flow thing predictable that of a without profile EBITDA out then truly one just going before No -risked. kind free So that's advantages. cash de cash the profile doing of just flow growth. And generate similar And that's

pointed have technology. go One, of for couple a or and is additional to compete projects go if So for on acquisitions, try the beyond operations base we compete increasingly that compelling you try and really advantages. additional deep we of to competitive

been have pressure either The around or around development. through as about have thought What absorption the long with for time. thought separation has been membranes and with pressure been around about nitrogen for team an Basis off-the-shelf really through distillation, decades done well. have COX technologies our approach removal for developing is of So a scale membrane-based separation, to basics decades. project through of absorption, RNG

market, And And from true large, a development. custom on components approach where going where individual historical to is then extra-large was of project an a that one-off, on to base radically which have small, or vendors, approach. medium, sourcing RNG different. going the -- the the you modular, and some from So state everything projects, approach is

it proven per -- that the because and think company company technologies it and year. packaging So can we we're that approach, were realistically only over XX that only do and packagezing projects modularizing can and because of of the taking standardizing truly --

we're is to play. also to RNG. into we approach than comes is think cost. is the And XX% standard cost costs then which But utilization. projects, speed develop So And twofold. also be lower positives. capex also for Cost industry kind of going Total

standard like recovery. up industry time, approaches development up So XX% XX% methane look RNG to XX% to XX% time,

if get we're methane basis, achieving X So XX% goals standards up improvement of you Archaea recovery. capable apply what Version plant with a plus plus our you and on of XX% right our a time per bat the and off design XX% up from

So that's just we of sound really then to which say continues it especially be much doesn't thirdly, a differentiator. like those have metrics. you I'd a moat, scale And but psychological significant, apply advantage, a that to it when

downside in cash are a -- flow uniquely positioned scenario. long-term predictable and we underpins So long-term towards really returns, in those that strategy commercial predictable even a case

attributes. benefits pricing rate of to a are We're continue even see scenario term. on environmental company to thresholds, a in return that going shifting you momentary not going plan So long because to to the achieve target case of us business our downside position over

advantage XXXX, have well-positioned. see to and greenfield or saw that whether also applies competitive that's unparalleled, really we see what Archaea business so end just a We'll and And or you'll RIN development acquisitions opportunities going that XXXX that and a volatility goes the well. as increasingly if like is into think decline, real I means, strategy be price of that being we volatility, maybe a in to

Hamzah Mazari

very of -- management that talk referenced hired we public just maybe evolution quickly about been you recent of very about and just changes, maybe anything talk they or or given just the related that release. the going some that happened of you there then And changes That's that your scaling some management it. else haven't changes. clear, just helpful. turnover Got and Is But long? up if pretty in see quickly you to you those could the on

Nick Stork

we're dollars long say can future building generating changes and No. of at that -- in I the is capable flow billion is towards that everything management I length, we're I'm pretty of cash business X doing and the All about predictable built excited a that's think, over a really free period time. We've clearly. discussed

in trying we making recent can't SG&A see growth. we And increasingly that's fast that towards hire really that support across really And to really so departments positioned you board grown how why should We've changes And personnel getting investments confident build have enough sign a be the management to across-the-board. we're that's you're the us our and rapidly that where are And there. team. some is in future. that seeing

Hamzah Mazari

Got Thanks so it much. makes sense.

Operator

Our next from comes with the Tudor, of question line proceed Holt. your Blair Matthew with Pickering, questions. Please

Matthew Blair

taking Thanks for Good Hey. my questions here. morning. couple RINs. a have I on

on the XXX rest assumption this is the guidance, investors from DX RIN getting First of the we're midpoint use the why year. question you for

you XX% and set for I on CWC out your the XXXX outlook lower hold, would kind prices. investors below concern think RINs XXXX? And what of impact guess repricing. wondering for commodity there there's are some current it's about that prices DX about could second, in that Thanks. if be I deep might have then high talk

Nick Stork

trying first, weigh the fixed about is and the fixed price is a basis. really that's approximates I'll in a outer and From contract take Brian in. on the And dollar towards our perspective, term years, over capital which how I'll Nick. the take think about modeling let we first business pointed long really contract. think deploying that that. price how we're [Indiscernible] the then really, we Yes, RIN business. $X.XX This amount that to That's model

$X.XX. we fact in down in been have doesn't why we that almost on reflect environmental XXXX, that a recently. as a the but beyond of a do the just noted, kind of really model that, RIN conservative we about think be And XXXX the in out assumption too of Almost pointed have of want shorter-term, outer XXXX, just RIN down XXXX. are. in really have view long-term approach XXXX, well that's management how doesn't That's detail. thinking view our say will years, we use that's that way that RINs sense prices outside So going -- that it assumption, still on reflective QX we as they've those the in matter we of here -- higher particular that end traditionally through -- you high in -- note it above have sort any are like has in outlook. in RVO I or to or It's it's things. And LLC the in recognition I the just to of that QX. And three we $X.XX just been specific really really important where read wouldn't prices there things for is But make best or numbers. into beyond price, given the but XXXX upside currently we to a to attribute

so things. a of if and So that versus there's far how in million a translate another will on EBITDA put modeling gallon that $X.XX RIN we're $XX the that close we to numbers somewhere to

Brian McCarthy

is your -- of this to related Brian. the part And second question

As related you pricing, July to rise gasoline inversely mentioned be we've on to pricing the June gasoline seeing on going CWC, through and that's basis. --we're a wholesale

look we and as fall. where are going at so looks like CWC XXXX gasoline prices it's they to And at,

the we decisions. gasoline on As -- is that pricing demand really as I how those in assumption DX, We are DX in offtake, now, with the XXXX we range we'll we're Right move what that our $X.XX now, is structure, pricing if our mean, where ears taking make a happens our which we back. make conservative we asset modeling long-term and approach. are through, see think step in about things, high with that to you a tied $X take RIN in an right is you range. an

things, think we but -- we best everything then free with it based on when it's once that so your upside -- base comes and returns. underwritten And that, comes that use, highest you've that's about the

forward, in And that on for as continue so people production put from those to similar offtake to long-term our we our look to to put upside there, pricing, the we're and assumptions they'd to then to -- we projects. be and work have high-growth conservative we forecasting that we if welcome tie but year, RINs to in will our able to like, outlook this going

Matthew Blair

Great. one follow-up, And then please.

the I projects. think, so, Nick, you also timing that approval landfill how's on up mentioned landfill that RIN a pathway the started from looking get approval gas process? LCFS Are you're after seeing some these projects? you getting seeking lag timing on And you on to like the if CARB

Nick Stork

to clarify a we EBITDA. We're Yes. clarify timing Actually, -- That's seeing se. of how lags should I point. just per natural generate want I and revenue that not product

investors with on attributes, of the when to goes natural which produce side, that least another is that RINs RIN. a So, portion I we has immediately price bring maximize the gas, the then then that renewable to we environmental step think generate after wanted is qualification, online, certification the revenue ability we and recognized. clarify RIN the and gas, at do project to produce point that We to we RIN that's that's stored, important an just don't

qualification on that's not has how pleasantly I'd some process. say back timing has been process in us, we've EPA that. gone how seeing about actually projects normal surprised So the quickly quickly We're a been. the delays to

it's side back of LCFS point significant for that but you, process with from credits seeing allow there interconnection. to example, process and either, not generate delays LCFS the the different doesn't carbon on a go On

of generate only point You credits can certification. LCFS carb the from

Brian McCarthy

Brian to we -- every -- get program. I just in registered want is is approach say this would our

if you're to optionality So now whether point program related you have registered And whether could we of whether this we so to ISCC, intensity carbon have important California to that's could then Canada, for our say, jurisdiction, you as their that. an scores a you're a everywhere. it's in partners. They It it's it's what this and think that long-term we are is. in I offtake can whether abroad, to Europe Canada, deliver want lot know gives we California, about and approach RNG us it's it if okay, Oregon, CI

programs. So a perspective, to going all those to continue we're register from strategic and

Matthew Blair

you. Thank Great.

Operator

your of question proceed Rice. Johnson with Please next is Martin the Our Malloy with questions. from line

Martin Malloy

my morning. you taking questions. Thank for Good

$XXX just Slide The for Slide projections an in just rate at first earnings that to referred on is long-term on X I'm that looking existing question XX. is relation million in XXXX? power terms to projects, I had of exit the you from

Nick Stork

Yeah. on to with that. timing We do try away

trying doing in that's at going is is done, upside. we're we're it achieve which happen scale built decision is already fast can. the in possibly XXXX. happen in of try potential to increasing as a full XXXX, could happen to plans that to What perspectives. from And could number a ramp out right what with So could That we XXXX, it RNG of that point run-rate we've as

standardization about to business a chain of a -- that. put supply of capable approach possible, to try years, tie way, with achieve that range build wouldn't a executing a that's specific every in a XX in plus with as just quickly RNG we're very dedicated I projects would to is but RNG why a So across trying trying that's timeline the to we're and I development. as outer year different and a of modular which aspect really

Brian McCarthy

term And key to because about just is true long cash rights tied to think conservative gas long-term there's the take of Brian, visibility flow. would I this that off the and assumptions time also add that thing to is is

something can to you confidence to And related gas that's out, completely so this terms rights once of that's in the built and have in feed then stock is have for platform where you that going the years come.

to of not but in so think in just we're visibility. an pin going number, only to of confidence to I say, and further And terms take step where terms down come also earnings power, exact is we're in want that one to getting it it's try

Nick Stork

more out and one thing this guess -- too. point just I is Nick,

which -- take you If we presentation. to in to tried investor allude the

$XXX over to all to that you're projects them an take EBITDA, million that's EBITDA and rate existing and of to close we're run our the those in doing you for add XXXX EBITDA. If annual getting

that's to-date from done to the just been and that's that's in full ramp. XXXX done So work being

gives you potential. some timing that of So sense

assets that the I think have, goal which agreements. that signed within existing again the today long-term base ultimate of the is development we that under towards just of assets XXX are

Martin Malloy

or are bring are RNG that, is is of for And competing supply there in to XX landfill the that to rights? plant our in key regarding on when any is able concerned to months, just advantage And about -- a plants? chain to how next items there any competitive be question with much you're an -- regards logistics relation when you to

Brian McCarthy

advantage. think We fully been that competitive hasn't We yet. think it's huge a it appreciated

and that's major XX RNG with thereabouts. we've for that's consistent plants, plant, And approach significant, off-the-shelf one development, that's of the this equipment buy could -ordered X also And pre small this to Archaea for else so really how benefits country. thinking we're but Version Archaea about X used If a modular subcomponent somewhere subcomponent extra-large approach. that the plant I of in Version around be

that flex to subcomponents projects the XX lead to times develop in from XX I that be in some seeing approach. saying lead historical that's can And So for months their for gives item other XX equipment. they X may our in or for of Version we say that cases off-the-shelf the us that ability major for that and similar scale not that Archaea but that developers a I be to will months. lot are over weeks other vendors possible, vendors And measure have major same produce may seeing and weeks change projects time competitors that equipment nine over think we're equipment, last happened vendors,

equipment really impossible difficult that an major to have lead to weeks have comes development timeline. times, you if in with XX or So it's have XX-month

there's see side. construction equipment potential. was risk we we're do conservative We sub-component get that. and in modeling Version thing And equipment X inflationary risks development, could environment, that lot We So of risks we keep of going did of the And of because major negative or components There's there's the of construction the consequences see it supply and be equipment so Archaea RNG necessarily that to pre because very costs, to chain -order inflationary non-major advantage. benefits how to that. on but to we're shortage benefiting related or to foresee labor to we're if related items timelines, kind this to the scale. we to pressures of didn't certainly don't the if it pressing a given tried in development terms to of right that from just

Martin Malloy

Thank Great. very much. you

Operator

line proceed is with of Tuohy Shere your from question next questions. the Our Please Craig Brothers. with

Craig Shere

my taking questions. Thanks for

So two quick ones.

and baked think to On assume And that of projects? we CapEx the on eight indications $XX EBITDA get timeline think had peg not that's institutional are included actually plan offtake, sequestration question that Are original talked I thought starting perhaps offtake. XX morning those that forward look don't times some about to can about are XX million in and then in to works, was kind relates some What my what price your go that solar, fixed to the year? second EBITDA. I to maybe could on NN, to The market of FID into degree carbon ever this at guidance was we and I XX. original we that that? over the we six $XXX end that to be could looking then you've multiples tightening this

Nick Stork

the Brian. question take Yeah. Thanks, the first for question and I'll leave Craig. second

reduced of achieve in perspective, LCFS that we So from numbers presentation benefit the carbon force. from benefit a on intensity's the we first didn't point, actually sequestration the CO_X the XXQ markets include might the PIPE in did include

being any that including -related So that said, today, CO_X an difference. number million we're benefit not is important in which $XXX

intensity. that carbon So benefit is any XXQ -related potential not from lower or number because really stronger $XXX million include CO_X it benefit other does any

it million our excluding -- projects. lack in of those reflect that's in So confidence that $XXX power earnings of doesn't

the an are what reflects well. And the in for to where down it we're something think pin and trying exactly ton what are and qualifying I we're to bullish pricing internally involved going that's very XXQ environment be going actively to thresholds as on. be dollar-per-metric

you number our team, and where seeing team, to carbon -- on perspective, geology invest on intensity to our of permitting we have company from each attract as with other a start states to permitting developers. see from carbon reduction authority we expect timelines a internally to we permitting federal EPA, we're go competing takeover, sequestration down and phase So continue continue the in projects

[Indiscernible] that before adds capital And business So potential that those EBITDA the to intensity LCFS business. like potentially and that things returns all elements or to on upside improving potentially lower any LCFS carbon bullish really are of markets. to

So it get guidance. and we've profiling more confidence the in including that of we we per in metric XXQ will timelines I clarity thresholds would kind pricing, in positive including as very future and [Indiscernible] more permitting model. start on dollar that, imagine ton in

So hopefully, that helps.

Brian McCarthy

the second question. your And Craig, this is part Brian on of

off-take Archaea to We've RNG what more to very where seen is supply In of actually and that availability in over the at look been and since that terms truly increases see scale. in that going. not fixed time the beginning for tied price pricing positive coming are one and related very dynamic direction constructive making we long-term we're we're continue demand improvement on. It's more of is in have to programs And very, are to then where the that incremental pricing mid-teens, doing. Archaea of and and the today we that

numbers taking just get thrown step a back, think around. I

about especially that we the have RFS really -- offtake, we for carve when one or is think I outs. talk long-term important don't any point,

partner no contracts, somebody to if term. RINs that's to are to They with if want important. I buyers green. there's able a These very that that's time want our to away, really long green think wan provide LCFS selling went that away, and So went for for and outs be in be

piece the with grow think is that only when think who terms about the players in also And them. contracts, into to specifically able few are I -- contracts, the that. about can when they're there's those who are they other second do a we of thinking entering it

And today. RNG so in of XX multiple to have our as RNG billion over the cubic buy in entire you go a XX-XX, to California -- in we systems. California the says, I look, market feet of we'd that's like mean, production

we So have continue you. really continue supply or that expect that to folks we be And favor, signing our dynamic be. want independent but that then to might in on contracts LCFS to outs. move regulatory to Thank focused green, be of RINs demand pricing where with be don't

Operator

Graf comes U.S. Our with Capital Please question from last with question. Advisors. Paige proceed your

Paige Graf

everyone. Good morning,

clarification to was some expecting. wanted 'XX higher the than a came bit CapEx. in get Just it street It looks like on

inflationary wondering pressure Any give would So great. you be timing. color that could if I was was

Brian McCarthy

question. great Yeah,

is include And So previously actually we're figures originally CapEx the what on are -- you're CapEx, what acquisition on comparison we project-for-project were in those didn't numbers than in our of in which increase a CapEx, XXXX the forecast. inclusion assuming. lower seeing we

see projects. reduction to you of R&D, up level, of more also intensity see carbon inclusion the just and investments see also some you You inclusion

So that's key the point.

that XXXX the think You're a CapEx projects tremendous good and of I overall seeing -- COD amount is a of million $XX go for a have of chunk budget towards CapEx date. development which XXXX

perspective CapEx And so in comparison including note. that's we're all return On did to like cases project, really that if a categories just acquisition a capital. we're almost doing from rate you apples-to-apples project-per-project on per more important more we're sense basis, real makes a but and of lower

Nick Stork

to high million, just I in advantage we CapEx growth. And you confidence add well return the that it think we look of just the Paige, it what have at $X maintenance only portfolio. just shows to at would continue points When line opportunities take as to are

Paige Graf

Okay, helpful. great. really That Thank you. was

Operator

I'll to time, At remarks. back this management Thank floor you. the turn for closing

Nick Stork

advantage unparalleled stand truly to thank pressures to We're the with like significant of all focused shareholders. After owners and build the an It's to take the shareholders. building the have company mindset. cash an incredible to and of imperative flows strong competitive the determined of all, value ownership we long-term for co-founders often I'd managers short like-minded on Thanks. the institutional - company termism overlooked are upside. against meaningful and and investors

that a excited totally curves. Thanks in type inflation As flows cash landfill cash This contracts owners, the nothing support of stream escalators than free shared generate and our your vision for growth gets annual billion is with flow unique both of deserving $X growth of future. flow the achievable and continued cash yield. building gas commensurate the increasingly us in and business can underlying from long-term more prospect of

Operator

This conference. concludes today's

your You at for Thank lines may now this your time. disconnect participation. you

Archaea Energy (LFG) 17 Mar 222021 Q4 Earnings call transcript