Earnings call transcript Q1 2023

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Operator

Good morning. Thank you for attending Benson Hill's First Quarter 2023 Earnings Call. My name is Brika, and I'll be your moderator. All lines are on mute for the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions]

to Senior conference Hill. Director, like host, to now Mella, Ruben Investor would pass over the your I Relations, Benson please go Ruben, ahead.

Ruben Mella

to the and me today good you as we Matt Crisp, XXXX our and We website. Chief are our morning, release results and the review during Executive Chief Hill's us documents, Officer. Officer; financial we With you will quarter Freeman, These our presentation outlook. investor filled of Thank earnings remarks, and Benson first in Dean morning. well joining appreciate this available an Earlier X-K. as section are the prepared reference Form Investors Hill Benson Financial

industry XXXX. Comments contain Hill's statements, today of Benson management as including forward-looking will current guidance as outlook, well business for future from performance, expectations financial and

materially statements could subject inherently not risk of referenced performance. assumptions, risks, consider factors include actual caution and cause in factors forward-looking results those guarantees those the uncertainties these are Forward-looking cautionary to differ in you the from We statements. that Such and are to to Form financial in to is SEC. press presentation, presentation. and Form available will this our Also, XX-K, certain with as XX-Q, other reconciliation included notes presentation, during release and the discussing be earnings release we measures. well as A our non-GAAP investor filings in GAAP

turn I to call will the now Matt. over

Matt Crisp

everyone. morning and good Thanks, Ruben,

with expectations of a off Hill. to indicative solid start in in and are line financial strong We for with year XXXX a Benson ahead results

with for XX% in and proprietary ingredient demand our increase on building soy expectations proprietary we last the a line are in are momentum seeing XX% revenues. year We from to products for our

despite and softness experience our that support the crush underlying non-proprietary to commodity meal oil ingredient continue margins. conditions current market and We sales

underway. deck us season, can well the which is On confidence These focus now and than execution gross our for teams unwavering more year. the we profit XXXX is double our give on market dynamics planning

farmer produce discussed expect our from more proprietary a commitments we XX% profitability successfully fall than we enables this Our our on approximately harvest team acres final partners quarter. more product to crop a a to as on growth ingredient focus which last has with portfolio from secured targeted that grow year, last

We broad had to like I reduce is plant-based it of some our flavor to demonstrated to per foods Louis reduced in you engage those diversify. nutrition significantly Investor for continuing intact and movement, The event. security in our and company this and event backdrop March climate insights demand secular global believe to Day. agri-food years. some set opportunity trends commitment the with goals We has that to of underlying future. our the market leads to St. adoption remains foods and been that in acre at opportunity better are build The for from provided processing, need and boost grow diverse the which a the for more takeaways meet strategy durable, the and pace the innovations side Innovation can can to and of plant-based climate would and to that the innovation nutrition the of goals. innovation reinforce impact. We more food system important building headquarters and

of innovations markets makes using approach our and to start through innovation feed application leveraged of ingredient into categories, crops, into and multiple which for food expand then What bring across pipeline. the can lever genomics our geographies our innovation, power attributes, aquaculture with specialty across to chosen Through and multiplier and we levels, the protein elevated new create, genomic plans proteins, as oil functionality, which we've impactful why achieve to and is That's other multiple to a and markets change. enhanced across demonstrates better streams get product food we effect plant-based nutrition, into different areas. all

plan further in we proprietary serviceable the North unveiled estimate new as in products. well We portfolio pipeline existing next market and early our over obtainable next candidates is XX primarily Since and product have generation our as years introduce scale approximately XXXX, the we added several pipeline America. the to billion, that advanced X ones. to We pipeline the for in $X

America. the in particularly is that and this of this than and of partnerships, Given and our pea to acres been closed-loop in a opportunity, opportunity limited million this of service XX achievable expect more arrangements. licensing acreage combination we operations, North contrast has We yellow footprint market through soy believe

expect the highest is plan our margin stated years, over look now ingredient our From Hill. we achieve next from here positive until two EBITDA help to to to generate products free and adjusted scale can As Benson we what cash positive you objective flow. XXXX,

believe markets the profitability for we environment, Given and current macroeconomic our right prioritizing capital is shareholders. the decision

commercial next more this the with planting over We several years. proprietary new for varieties two are year expected introducing two soy

premiums options to XXXX, platform, In fact, including our ultra-high by partners as CropOS more have deliver varieties these of will further and commercial been a in plan to different risk, plant our farmer Furthermore, higher protein reduce double conditions. our costs. varieties farmer higher had planting agronomic our which our under grow. to to increase our including well soy to reduce serve proprietary benefits for soy market to expansion technology than as have flexibility attributes, offer provide logistics demonstrated significant by varieties, yields, diversify to improved network we which help we Enabled current geographies, new these can the will

Aqua domestic ingredient expect years and our market. which has share far larger we in processed, farmer protein oligosaccharide more food low responsibly ultra-high European plant-based We product, farmers. opportunity plus plan an come, expands to opportunity ingredient represents and is our the sourced from our multiple the feed sustainable, meal growth introduce partners. that U.S. soy across exceeded in And categories the a less aqua with capture for European in exciting the products market our to target to expectations soy market

we using closed-loop the market Dakota. our and ultra-high XXXX varieties, Between in our established North scaling XXXX, first begin food pea initially of pet already yellow generation to expect protein targeting model

We also the that with package. Corteva’s to feed lower anti-nutrients technology varieties are also high market Enlist expect in EX animal accessing include broader soy protein and begin new

top expected This estimated open to for producers partner Hill acre farmers, to innovation XX Benson offer for processors, choice with million and is us an market to allow domestic poultry and meat opportunity more It’s the for and notable North soy in already varieties the and value validated America. the proposition their poultry producers cost been our realize operations. in efficiencies of that by five multiple improved has savings

to plans Hill be will XXXX. broadly of the the our will protein numerous with access this to our which also partners have medium field the benefits and we GMO anticipated varieties are industry’s more CRISPR-enabled well in the In across herbicide Benson include of soy current nutrition available products, The beyond introduction on in unlock for any starting market higher profiles. introductions These to market. generation soy the term, non-GMO the product first commercial inclusion currently and tolerance, improved varieties near next our provide incorporated as as

we in bring Crop Accelerator level full planning XXXX, and of beyond innovation. several look changes to to we with step bear CropOS to As are capabilities

oil. meal couples First, we for anti-nutrient well our plus This that a soybean our and protein CropOS plan ultra-high dual suited low challenge to a is our high profile with platform. lower a linolenic complex premium introduce oleic

what one takes ingredient to for grow produce Our on goal two is our with currently acre, products highest to customers. it acres value-added

Timely, customers and flavor to to and content higher provide and to to and pea expect that improving yellow benefits more to expect of profiles we we the even with date oil Second, higher technical introduce continue of future offer the complex innovation markets access progress tackle additional as one seed to with biodiesel. most generations protein such content challenges, made us soybean.

options successful, CropOS. corner believe food proprietary we customers is by our yellow potential in that differentiates having our the has the capable are our driven further see to this and we ingredient is customers. platform are a pea in opportunities around to expand of market to If conversations providing areas what’s yellow human novel We and pea the to soy expanded what the with for possible with these focus us establish

by impact experienced the innovation an trends with of operations in led of and better the that saying strong year the segment, every our we’re have winning that are it’s XXXX relentless leaders. our best-in-class of how we planet. food are setting forward year. technology and consumers. teams will a our excited are assures Across we this the the commercial for by innovations the diverse and pulling operations on and beginning for outlook with how that markets. I That’s people focus And customer execution ingredients is from of business end for conclude many to portfolio key about pace hitting team our how multiple we great attack are

his call over I’ll on quarter and perspective our for turn first now results the Dean to outlook.

Dean Freeman

Matt, Thanks, morning, everyone. and good

release see differences by to compared a first to profit in the in million. mark-to-market of the $XXX of first million open the an XXXX. positive the And in to timing saw impact excluding you in our to XX% you approximately gross As $X.X led increase now revenues slide, quarter, performance quarter $X increased million

performance our in to gross profit and revenue led that year-over-year the factors three quarter. were There

products, to led we that of the $XX an had increase First, especially strong million. XX% proprietary in revenue our sales markets to aquaculture

of increase our markets. a to margins European in revenues our optimize aquaculture high, our and year-over-year the sales came which one-time gross meal to soy remain million helped favorable for in shipments sales. from Second, approximate capacity non-proprietary logistics to $XX non-proprietary helped utilization that drive soybean UHP Over the an quarter XXX%

year, Third, factor were while better first and prior supply in the our operating pressures were challenges results. quarter ongoing costs inflationary significantly than chain a

by through of as XX% the portion million expense result a operating a reduction improvement liquidity of Operating declined expected expenses $XX implementing our plan. to

As XXXX decline which our million original to operating $XX to are $XXX our reducing of we a is range expense $XXX million a from a guidance. result, million,

a we XXXX. the million to to in $XX range expect OpEx $XX compared million From to be cash million $XX perspective,

to We on flow rate to and revised presentation least guidance year, of effort cash you million for The $XX the see the as through our are at run by adjusted complete this flow slides. of annual cost in in expected and to loss realize to free by the XXXX. end a the track EBITDA savings is end reduction reduction the

on efforts the a few as There weeks discussed of plan elements fourth and quarter the Investor are at status remain our same liquidity event we Day many call ago. of our and our the

of financial performance. expect another second quarter the be We strong to period

As Matt considerably. are mentioned, down margins gross

lock what been in mostly we in However, have with line to in the gross saw able quarter. first margins we

indicated a continuation this our in XXXX, favorable Our reflected market of a guidance. earlier is assessment in which year commodity

we closely support are to view, We monitoring continue this but markets. commodity the

in a start mentioned we’re XXXX. also good Matt As

commercial We scale to are infrastructure operating our year the proprietary leveraging last established portfolio. ingredients and we

prudent a objectives. to enhance with We’re our adapting structure, plan environment to the execute and liquidity, strategic cost our changing macro improve

concludes prepared We’ll the to now on That remarks. session. move Q&A the

Operator

lines you. We first Oppenheimer. of Owen [Operator have Instructions] Thank the the from on phone Kristen question

Kristen Owen

It good cadence you for for could the the in I rest Thank think everyone. pretty the revenue you of taking the growth. the some about I talk that question bit the on visibility a the the quarter. and good you items morning called proprietary nice year. was little Congratulations have results seems Great. like one-time some wondering you Had in out if quarter. on

us between environment wondering over that environment of managing the a the the the balance if the of or you're sense give you. shift of trade-off proprietary how and can Just inflection – mix year? you and Thank commodity

Matt Crisp

a the I'll comment. I one-time blanks non-proprietary your will affects way. But of and what let that a as XXXX nearly Dean really out consistent meaningful question expect a million affirmation the quarter hence performance, of pro your view guidance as kickoff offer in first you that in point it contrast in $XXX we because some is light what fill more the to nice revenue relates quarter was $XXX first rata that. to for for of of quarter-by-quarter in proprietary items the Kristen, to XXXX, that, million a constituted Thanks,

we're talk relates XXXX the year, about that in see year into the some as we're being call. in to customer the of relationships think, last began the remainder we landed really the some customer and to And to seeing lot a you those moving parts to Dean, comment several the about and on business of we yes, where maturation we've So it the I relationships with continuing accounts want a on the customer expanding – the the do portfolio. anymore markets, of large non-proprietary? of on base across build across excited

Dean Freeman

when million Matt Yes, you shipment. I kind pointed the of no, does as with of our of utilization adjusted say, we excluding expected. utilization, the one-time we our And came in in adjustments, this would the about basis, $XX out, fact consistent strip exit in that out, on that just include and effects the meaning capacity proprietary $XXX an million at mark-to-market in about rates was line when process revenue XXXX. where look run And of sort

have was of bit had a that able We to some headwind, that. Seymour we at intact. perform So were little to work maintenance did through we created that that but

European So items. aside level from one-time the really the it shipment was for markets I'll call only that, loading the bean that

I it's so, think, with revenue one-time other about. we in we expected that the surprises the And and we item consistent right big talked rate expected, in coming than what proprietary run is so on notably no where just

Kristen Owen

us with days, just share then of comments Thank if that quarter on on those Anything initial helpful. you that update made, helpful. be commentary customer on Can both. would there understanding give the this you any you the launched really could some ADM very you you that And that That's but still click strategy Thank I double you. an maybe can early it's reception? co-branding Matt.

Matt Crisp

Sure.

So the anticipate we occur stream relates that some of has ADM, as work some will I we've that of early quite activities co-branded in but XXXX. can't conducted that'll The products customers pre-commercialization consistent with the has high positive at haven't the gone to detail, by continue of the on quarter. seen just with our a say applications been well. from released I that adopter in it validations the level but some feedback second work in we the do to comment line

And really they markets. think that in are they'll on that sustainability product lines bullish so benefits provide that received and there, that how we're the we the be the

Kristen Owen

pass I'll you. Thank it on.

Operator

of UBS. Your Ross next Cody question comes from

Cody Ross

taking everyone. questions. our Thank for Good morning you

You're solid start than a up in Sales expected. year. better to this came much

million? million. $XXX your initially one-time of planned million sales noted outlook of $XX $XXX in benefit Was You a that original to

Matt Crisp

I can't on that. comment can't I --

Dean Freeman

not No, planned. it was

Matt Crisp

Yes, sorry, go Dean. ahead,

Dean Freeman

No, sorry. was Short answer not planned.

Cody Ross

Okay.

So…

Matt Crisp

Right.

So…

Cody Ross

So that helps.

go Sorry, it. for

off. you cut to Sorry

Matt Crisp

ahead, No, Cody. go

Cody Ross

wasn't benefit going was that a unexpected. planned, to that that I say that's was so

sales of sales held you like wondering I'm to based it curious, rest to would on You guidance. guidance range. looks your why kind your be. I'm just the that of year the decline X% XX% expect

Dean Freeman

think, we've I the the range. mean, – Well, QX early a a got on a still year with within out, just bit line I to days yet. it's long wasn't it's, it's guidance little the pleased how – obviously it We're things sort played significant benefit, of but being top expand It on we way things in would within will play be I a the included say $XX – million – out the range. but equal. all the item. on expect it's range, Obviously, a right now it's

Cody Ross

Thank the then and gross P&L And belly ahead of little of you. And remainder that? give for how much made the sales improvements just slightly to color profit the came on talk can about we attached lighter. gross year? the of the think How was to want of you've that that I on about then you some because any at should OpEx be albeit in just profit the Okay. a expectation,

Dean Freeman

question. great Yes,

virtually entire call de was of bean and contribution to So amount would a was There markets. shipment to there sales. one-time zero. strategy optimize bushel Really rate to the per the I related cost optimization minimis aqua the margin support the the was

So hundred contribution, – of one-time margin couple had thousand. no a no itself significant that maybe in contribution margin and

that, but that strategies say on creation made. operating terms of expense, focused we've the value execution the would it's commitments I In of broad based, and

we've the actions in So we've as we're of throughout then we our plan. been part the so we'll incremental operating reduction It achieved take executing QX the expense overall liquidity optimization the some communicating and go year of a actions executing, the and of in incremental improvement not sort cost that been far. elements has of that

we broad that And the so, committed retain while focused to we sure we've it's the based, is and to. value it making on support strategies capabilities creation that continue

Cody Ross

Thanks. on. Great. it I'll pass

Dean Freeman

Okay.

Operator

You Barclays. now of have Ben Theurer

Ben Theurer

results, on for very likely one good the Yes, question. Congrats my thanks morning for strong actually most question, taking Dean. and technical

into EBITDA differences. million timing was we adjusted from $X I quarter, look impact you mark-to-market this for if the mean, obviously have roughly open So there the

a to which relates difference. it about the guidance narrow just is that million, just as it's a $X range of very Now for year,

guidance, in wanted it it differences, excluding the I first or your relates first to That quarter? to what So on open understand as including is the timing be technical my you had – is as very mark-to-market that benefit know. would question,

Dean Freeman

expected on as be Yes, in mark-to-market the forward. it's don't Ben, We but as very – guide but non-technical we could moving adjustments you way. we mark-to-market it do don't that. let technical, We'd it don't to relates me I answer adjustments. mean, great, impacts provide we a guidance the on know,

answer mark-to-market short not adjustments. the include is that that So does

Ben Theurer

perfect. from liquidity think you how innovation the you compromising Okay, term, guys on does to not about So, we think just for through what's and you like overdoing your little you. spend some relates like of Thank to position decade. relates to guys would just a and here if the because down needs bit fit And the pipeline of been the savings and we of what seeing? cost CapEx? then on as wanted spend capabilities goals introduce research, how we've further the and work achieve need technical are order have to we're it side, the as just in have currently savings forward, of opportunities kind it to medium longer the kind in the understand if to portfolio, that just your within should you your What like and go allocate as about the term in

Dean Freeman

I'll… Yes, great question, Ben. And

Matt Crisp

question. the for Ben, thanks, Yes,

Dean Freeman

Go Matt. ahead. ahead, go ahead, Go

Matt Crisp

of was the I'll improvement at past of perspective, high innovation the qualitative tenets let plan invested liquidity a heavily a of very to maintain the one because years. both level the that from me strategic it Well, the excellence, a also many but give operational view core in excellence over we've give –

we've structure, from our with G&A a and cross you're of sort of And as evaluated lot that. out so building focus starts the

first, think so And there Ben.

million market a is products on In of five bringing our of has seen the reported budget the operating you've element three towards been proportion the and mature de-risked. of portfolio as a a in as of we've R. that proportion R&D over $XX activities line to D to seen larger largely words, than the and that other last is geared neighborhood been larger The a pipeline for pre-commercial other years, that in time have really item

may which And also those In de-risked. for that for respects, of priority ingredient in described be in our they've online really characteristics two demonstrated and and expand output partner spec coming it that to fact, the a years numerous as in the core final up words, largely five or those phenotypic been an us inventory opportunities retain capabilities. all next would has reinvest capabilities, in And for opportunities say, in that customer to already the capabilities other given those are I we've bringing or those to we've product of and stages now we're base. product, the the bulking some

some that areas, a as those and said but over we’ve the G&A platform an I technological core none or put really area few the very of prioritized years. focus we’ve other built that has relates the sacrificed been like where maintenance. last And longer-term to of some the then, of fence So, it ring capability around it as areas to we’ve relates are a components,

you more of can just I then, and sort there, want So that to thought Dean detail. articulate strategic some pattern give

Ben Theurer

Okay.

Dean Freeman

well. it covered you think I Matt,

consistent ensuring retain think capabilities focused, to think being I way the said, think, and prudent we’re with acting we’re surgical of think we reiterate company. a in that creation the I I what value and just that’s Matt I we’re

Ben Theurer

Dean, much very you again. Thank perfect. congrats Okay, Matt,

Matt Crisp

Thank you, Ben.

Operator

Thank you.

from Your comes ROTH Wright next with question Brian MKM.

Brian Wright

question. Thanks. the Good morning. Thanks for

Anything scope just that wanted little kind deeper in understand to helpful. pipeline as any other cover was in kind pea scope the to the anything thought Taking of, on could for to are Just crop in of you a thanks in that a additional far in about the on maybe detail – everything talk yellow better want that area is that? as potential soybean focused are be bit of or a on pipeline. the like there what I crops that and little that, give the to pipeline? us really or

Matt Crisp

focus and market and that’s Not And opportunities of we There speak enhance every to we’re pea, learning in the there. quantum other on yellow to pipeline. soy right new more now. currently real is what a opportunity contemplated time customers, current beyond the about even we’ve given more

out mainly However, property something can to R&D to that not that really, a legume discovered in inventions innovations come the be of we’re nutrition or our really demand drive pulse we’ve robust the is built intellectual is a from portfolio have the we’ve global blind that how as the translated other it and that markets. lot crops crops, efforts

better reflected think I we may lean, largest commercialization liquidity as operations tried time, now on we’ll talk positioned efforts, and of creation value right to the towards margin in So that really other plan term, highest we’ve our we But being opportunities really to make. drive and investments streamline improvement our loop. successful nearest closed in be about focus some this

pea the future. that’s soy the focal really around and is So for yellow foreseeable point

Brian Wright

you. Thank Makes sense.

Operator

Ben Markets. have Klieve Capital now of Street Lake We

Ben Klieve

taking herbicide the the on opportunity my for Enlist I couple thanks question. Hi, on hand a have package. with

the XX not in, are weeks that genetics that on is, still know, into of are your next young and don’t to more I this you but over a question activities only, of undertaking this those you months the in can detail what process? First traits now kind bit is for introduce six expectations provide kind your

Matt Crisp

has ongoing a that markets. enables acre commenced, something just which it for though few actually us that, the you larger even is But as just what Enlist incorporation or really we that’s announced question. underway four kind weeks market with the work million been numerous Sure, would what ago. We’ve two how something opportunities. varieties sure. acre opportunity introgression Thanks unlock technology initially the is technology thinking and focused in poultry not that to And for acre some of soy market. next broader we is incorporate talked know, years we plantings been out and about of on not The briefly time. – market I that opportunity the it’s roll in large potential some a because the is to as EX we’re The the commercial that some It’s hit say for meaningful set just XXXX. XX the starting the time about

larger GM I in opportunity some tolerance there’s a that’s a some my I those, in will one mentioned at a us cetera. markets. mentioned. prepared closed product of to validated concept loop work But as higher our meaningful we This food, reducing domestically might et just cost that’s This identity remarks feed food, indeed truly package the not pet with studies with The that today in degree for that in of areas, here it’s also not partners herbicide hope a elsewhere day. of is today. the this application of healthy an market already. enable scale preserve is human these is inputs that is been for pipeline and advancement those value a something unlock feeding very

is long extraordinarily the discuss, creates package. the all exciting which the from ultra-high the opportunity of imagine that to that But incorporation focal that bean, you So XXXX, further with layering mentioned herbicide in acre, about even enabled also and into points, lines can bean the an as technology we including premium dual the those premium other be the same to XXXX, are we’ve first. XXXX, by multiple begun that stacks of why from going protein technology tolerance term, that’s prioritize value same streams I the on

So provides hopefully [indiscernible]. that little more bit a

Ben Klieve

Matt. from see follow-up you’ve was Enlist the consumer the this guys given do what the on you have commercial seen versus a you the track of that varieties will cadence and its from ramp or that helpful, traditional the in that kind you varieties? typical think Is greater leads commercial question in it steady launch into early it’s seed your years, of kind of of Yes, expect bean focused with is, really And novel have kind of kind be magnitude in general to traditional in high given, that years will materially your the scale in versus complexity GMO non-GMO slow historically? the of pretty ramp dynamic to going few Can kind of you characterize line product. that scale, first or going with my

Matt Crisp

in rate limited question. more It’s really availability. great seen. Yes, what with this see I the be frank, And it is seed latter. tracking we’ve to line by

then company. of one getting is a how at point seed So new what to variety you’re day. way, they’re a the Seed company go market of end between a seed then sort distinct we might a the and bulk contrast selling at here that genetic there’s with this in really massive

unilaterally a worth of early of seed. partner we you might Whereas, we’re farmer giving with hundreds a inventory bilateral of relationship access So what the they’re a where thousands are of to to saying more push farmer. here scaling product acres to be not that there’s

thousands in of opportunity tens first in only a targeted of But that provides us year. for move it’s the an to adequate way in the year. product Maybe initial acres preferred to launch customers

so And back we’d hold think how And of availability the from rather is product not that making the innovations we essentially seed limiter rate available. about market.

in of worth of set hundreds our pace millions penetration. might thousands not know, a initially that portfolio, the of market result mission we’ve the and And to acres you by real innovation do I that. amount created to non-GMO demonstrated some to moving meaningful think, as value feasibly be products to acuity soon And as can. of of There’s while is in food. in we As

similar So when launch we [ph] the I very dam expect it’ll be side.

Ben Klieve

a it. my questions. Got helpful. get good. in for Very it. taking Very I’ll line. Got lot back Thanks

Matt Crisp

you. Thank

Operator

confirm like management I to hand I’d questions, we back it team. Instructions] [Operator further to so the you. Thank can no have

Matt Crisp

strategy continue Thank to to a for to ability since nimble of believe and that products, you, everybody morning. technology the the have demonstrated we pipeline, in innovation much this Brika. the And founding Hill the thanks we to and at mission the will of we Benson win. of really core a be a and which your company right very slogan, pace and do. set food, culture isn’t at what but And talent, attention time is We’ve

the a go-to-market synergy and this in forefront we gain the of capabilities momentum plant Today, come. the we’re continue food have, data years of with to that powerful science, to unique combined and and year expect we and to at

our we launch our innovations about excited being to joining our today. is market by defined believe to generations categories again and great next the And a it’s that as Have week. future our Thanks products. products proprietary for the yet come of We’re really because scale we we broad across best brought us. bear

Operator

This Thank Hill Benson the call. conference concludes you.

You line. may now disconnect your

Benson Hill (BHIL) 10 May 232023 Q1 Earnings call transcript