Earnings call transcript Q2 2023

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Operator

Good morning. Thank you for attending Benson Hill's Second Quarter 2023 Earnings Call. My name is Chach, and I'll be your moderator. [Operator Instructions].

I want to pass the conference to your host, Ruben Mella, Senior Director of Investor Relations with Benson Hill. ahead. go please Ruben,

Ruben Mella

good second appreciate and quarter and to outlook. joining review our XXXX morning. you, you We us Thank financial results

Shareholder As a at Hill Benson a.m. Meeting Annual XX:XX a XX on Time. will Eastern August reminder, virtual host

on available Deanie Financial and website. outlook reference are financial me Chief and the Investors Interim Chief Freeman, management Earlier Form section contain earnings investor release Hill this remarks prepared will morning, X-K. performance, including Benson Executive and With Elsner, Hill's documents and presentation Officer; future Benson we the during the for XXXX. expectations Comments will industry of are Dean guidance and business our of These from today current Benson today Officer. forward-looking statements, our we filed Hill's

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

I will call now Deanie. the to turn over

Adrienne Elsner

privilege morning, a today. everyone. to good and It's with Ruben, be Thanks, you

CEO board X ago. As from role as to most my Hill the also on you serving almost of Benson interim transitioned know, months I

conditions. as industry innovative when is during capabilities, the to team disrupt breakthrough technology. market the more an challenges time entrenched with into with worked have I to time, a face and global opportunities unique work this challenging company's This we happening we During dig

take taking. opportunity and want actions key I observations X to the highlight this to we're

highlight, the team want I is Benson to deliver. The first Hill point to driven

solid we quarter our year results. discuss will full going we reporting in for XXXX And As minutes, are a achieving since of Dean you've consecutive to quarters few another guidance. public, seen as committed remain

attracted Benson so the data The uniquely knowledge, commodity multidisciplinary across is food vertical that this intersection leverage science and team versatility how address and food challenges Hill chain every enormous the today's has they science, plant value experts commitment, and makes conviction. compelling differentiating opportunities in with from aspect system. agri science to of

team Hill the me The experienced, leads point, smart they're agile, to second to Benson is and competitive and Benson committed the mission. my advantage. Hill That

cross-disciplinary It our all food Our of to and assets for contemplated permeates not the close to potential. before, have to have fully innovation not tapping capabilities mindset and to from seed been feed ingredients we and come formulation company. farm reveals yet opportunities that

our as at food the Hill approach advanced feed our chain, we specific and to platform ingredients plant enabler and Benson competitive is say, value a we how advantage This advantage, our powerful business We ingredients a At of Benson the rethink food core, breeding apply data for to markets. from company technology is for AI science our every technology harnessing is speed end stage which the Hill beginning. better partners. the make of with an innovate and

and have honed product engine system been to innovation. CropOS our for Our development accelerate

enduring robust a property, intellectual established have layers gives our strategic which We germplasm, and first-mover competitive data advantage. including industry-leading an high-protein moat, multidimensional us

portfolio products level our X next have the will a that game-changing in proprietary value-added to of take X years. next-generation of We wave a to new solutions

markets. to well impactful approach represent are to largely consider our me range advancements the advanced to leverage the critical value already But leads share strategic to full of we a I I they enter Hill. I the as opportunity to us existing as enough alternatives last And think, within efficiencies should Benson create of introductory the as in explore R&D pipeline our the be are new observation power broad highlight, These most an derisked and us to CropOS to products as can what platform position and in cost increase to to want markets enable create. this these our

our and growth Our the of importance of highlighted assets consistently has playbook the and agreements use our scope partnerships to shift licensing and ingredients. scale proprietary

our varieties, market. good North with an exciting ultra are and ADM's a working capacity we innovation of this. to for manufacturing food use frontier the high-protein the network scale ADM new of American commercial partnership to is leveraging soy By Our forge example of ingredient

leverages model partnership demonstrate one sustainability platform. and through multiple Since recognize feed seed going we innovator. just established value We by have business efficiency public, our customers the the the nutrition, and of loop CropOS primed our technology aquaculture who system as into a food benefits food establishing power closed and portion market represents of that ingredients in market translate a model one this only tangible Yet, our our capabilities. to our

soybeans particular the adjacencies. of the livestock industry. next evolution sustainability power can feed more potentially include robust large-acre of interest large and full markets capabilities intellectual market in models feed our pipeline, efficiency to property the and The benefit of leverage as protein, Two feed high our The step partnership low and livestock existing as well in platform, new transform are will international areas markets. of anti-nutrient a segments

density. majority on of This innovation represents traits soybean nutrient as vast output acres the globally, but has little such market had

focused Enlist products feed in today our new markets. that perhaps a enrichment. trait pipeline and expectation livestock standard the data with We being set library products soy the of leverages in the portfolio most extensive integrated can have for products herbicide These tolerance industry our on in

unique advantages America food in believe bring can security and portfolio to sustainability chain. international at these population Europe, advantages offer explosive markets, pipeline meet vertical Latin opportunities nutrition Similarly, the of value India, for Africa. every our and extension agri partnerships meet and in markets that to whether growth greater opportunities Asia diverse in We unique attributes other scale penetrate or the

different a value of interested models, by assets and creation exploring capabilities organizations synergies for in with their our that lever with processes products and strategic businesses. alternative their of I'm discussions encouraged maximize as

For plant and animal and to can end directly around market that corner novel example, with in and their future scientists ingredient our the feed attributes value to look seed create nutritionists to formulators develop food food portfolio. work

licensing Second, to processes scale enables our speed can pilot our produce beyond and our manufacturing technology technologies And commercial pea. and soy facilities effectively well while and finally, yellow positioned high-value product to and validate platform other to ingredients are easily increasing traverse advance crops the development of market. to

our be This step in models. critical optimization our exploring for the there We food alternative markets. volatility increased believe evolution will company cost by excellent creation agri value at in a comes and given the opportunities time

times, several immune by inflation, not pressures logistics As we are providers. food we to macroeconomic conditions costs, ingredient caused other have the from and said competition

year, that to us pay required commodity highest soy products. to we to This with profitability shared margin our focus XXXX higher-than-expected premiums on decision high the Earlier secure prices persistent acres for to led our crop. this firmer proprietary

XXXX. This by We impact now pressure, soy-based a are specialty we're and pricing assessing and increased international caused supply possible from industry-wide oils ingredients demand and assessing proprietary in causing competitors. downward is an and on our products of supply emerging imbalance

and approached challenges have At Benson [indiscernible] and we opportunities Hill, always proactively.

response conditions these the market Our to is same.

control. what We will control can we

an steps further to the $XX we are in building reduce that, by million of taking already XXXX. part underway, actions additional expenses on operating As annually

what In proactive capture and standing proven the value position to today performance addition, the we opportunities business positioning steps that from for most ahead. and shareholders we financial create are are enormous taking best a solid lie the of to our believe

explore to that on assure you continue value and and Lazard to opportunities, and into and partnerships identify full total joint range licensing strategic mind will adapting and the I value. investors with evolving retained this with has We're alternatives. Specifically, experience leverage focus table, the unlock the our everything of a effective shareholder strategic build we an my behind and venture Board can platform to opportunities. ways to potential innovation on broad pipeline the company's businesses be process open including most I as technology will financial going different

create Having our a in sharing front to challenging for look ability the while and forward about more to years, the understand excited CPG we landscape, as Benson I I'm advantages to many sat different more navigate markets. Hill market clearly us our objectives. meet you of opportunities continuing for in customer I successfully can with seat the end strategic progress.

year. to second outlook I improvement for will now an for and the the Dean Dean? update call turn liquidity over the quarter our on results plan,

Dean Freeman

company. reinforce Deanie, the on reflect we made, a good To comments have since becoming it's important everybody. just achieved Deanie morning, some of Thanks, and to milestones public the

latest the financial to in targeted Now in challenges or advance will response to our shareholder and strategic unprecedented meet on approach our adapted value. We're to be market increasing objectives. meeting we've dynamics results and long-term head adaptable our continue to exceed

you to I Before in plan. review update executing our on improvement like previously disclosed financial liquidity the the results, I'd progress

We parties. interested and options assess the Seymour, discussing a few Indiana are soy our assets continue we crush for possibilities to the strategic with actively

we strategic review coming can't a our I months. timetables, in provide specific on While reach to expect the decision

that reduce have to in expenses to expense capital annualized to Deanie XXXX. rate increase will original reduce we efforts guidance by $XX operating Our operating $XX reduction expenses operating yielded our another the versus plan which working positive run million. results. and mentioned optimize million

additional $X expense million reduce additionally capital will guidance. compared to We our run original an our rate by

to the the continue of will plan to products. OpEx be increase in our commercially million. the research $XX the savings and next-generation criticality liquidity is to range viable mindful improvement of additional we a investments most million will costs, to reduce from further we compromise not reduction $XX and in As cash of expected total development The

also largely inventory we Our improvements with are come and operating options working capital other improvements. realizing balancing improvement areas cycle exploring the outcome total will in of the working cash Seymour. from of management We're efforts capital

a in retirement deployment critical Lastly, our our in we capital a objectives debt high-cost structure. with timing the our accessing capital cost existing lower to overall markets continue liquidity strategy. including This options early overall and more assess conventional priority is facility of to support

that going we the appropriate repayments in concern to With our risk starting scheduled it acknowledge debt financial in have XX was for next increased statements. an months, determined

executing our this exploring plan necessary further significantly multiple ultimately reduce mitigate liquidity liquidity risk. and secure improvement and to are to We options the

locked results with results our Gross quarter. $XX mark-to-market which profit sales $X quarter. million. to deliver the first We performance pea commodity prior quarter we the yellow by favorable and sales a to positive products helped a this margins increase rates from million XX% delivered were in nonproprietary XX% to differences. $X for financial solid grain turn excludes strong million the to to approximately Crush continued during increase for a discussion the as revenue open increased Let's in million in $XXX timing better-than-expected year, compared

slightly were $XX aquaculture second quarter, our Revenues Proprietary million. by $X to sales the into expenses target shifting for due below year. timing the Operating million. revenues the to to of million of increased XX% approximately $XX largely increased the half

impairment weighted recorded average of an outlook of discount based preliminary we the on approximately and $XX of and million impact the higher noncash of goodwill and valuation carrying principally However, more conservative risk-adjusted rate. risk-adjusted a cost capital value

$XX flow Adjusted to liquidity goodwill by million capital charge to million Free to higher planned approximately of the the portion compensation, or $X million operating cash noncash realization the to declined $X due approximately improvement adjustment an increased EBITDA $X expenses by loss $XX and savings a improved Excluding of to operating plan. by from expenditures. stock our million. of due expense loss a XX% million

positioned consolidated revenues of to well gross We $XXX the million. halfway and million approximately at delivered proprietary million We $XX profits million. $XX point are in of $XX with the year revenues increase of

to metrics guidance. the to adjustments balance our the we're same. year, other remain turn of we All making As the X

representing $XX we we are doubling gross where range than the of profit $XX of to to on a million end consolidated and versus the year still XXXX. expect million gross narrowing based First, more to profit

breakdown expect offset onetime This approximately savings provided $X we recognize presentation million year. noncash Second, in items. to the the in by $XX this additional We in cost slide. the is million of recognition

$XX of are we expenditures million range capital $X by million. Finally, to to $XX million our reducing a

uncertainty the this during free our fall, cash harvest our Given guidance capital the unchanged. flow with remains working needs

first We're on year. track the half for of the

be will We have for believe strong Hill. Benson to more do, we year XXXX work but continue to a

to proactively our we the landscape for we company As market to today, position adapt strengths necessary taking outlined growth. to long-term actions and the leverage best are the

That remarks. with prepared the We'll Q&A. begin now the concludes

Operator

[Operator Instructions].

from Samuelson Our first question today Adam from comes Goldman Sachs.

Adam Samuelson

the you I $XX.X If first you that million, equivalents balance the question, look the number maybe I release. maybe point? the press So of Can are securities in at sheet the higher guess a and marketable in cited text a release both slides, clarification. press and cash the clarify just

Dean Freeman

the The in restricted up, accounts Yes, one keeps -- balance sitting on in sheet. the asset coming question the of cash is that Adam. other

about So the is cash restricted total million. balance, $XXX including

Adam Samuelson

Got it.

March, liquidity as is then in mean, that strategic the I and debt refinancing, you Dean, Investor And that? you options. in kind how progress at? Okay. the think company Day these kind kind context of the, intent kind looking of the think improvement something of letter had the about discussed I I the exploration I believe, -- at that the about on that of the And exploring we of plan of what's guess, is of timing that alternative relative to of some of options the

Dean Freeman

optionality and the if still think under review, how to financing we the now. you of function about ultimately the think Yes. back, take assessment and but of still The intact kind that's be underway a that's fact, in strategy mean follows financing I a outcome is assessment. step the strategic of of right sort follows the going I

So the strategic that ensure needs, of review and to optionality the capital the necessary to to the support is complete drive but us, got between strategy. still sourcing we've alignment capital we've the got available that to

Adam Samuelson

crop in And one in the appreciate think specialty as you then getting have specialty of relative still more could in change categories or value talked or months ago kind would declines framing just the your price Is that there could proteins prices, and to kind in the seen different ingredient now it's expectations those of kind were X you final I of any versus some if fields. and but of you've that from squeeze terms those the fees one in derive of about early, in, oils about that where place you when planting? X you been that's XXXX I

Adrienne Elsner

great question. Deanie. It's it's Adam, a

driven The supply and by emerging tremendous it's a pricing really So experiencing by today we're little that imbalance and demand perspective. economies. been pressure and new is a global

Brazil volatile. crops pressure so specialty prices you're even with bumper oils you're become spike come pricing and massive seeing seeing you're seeing And from China, in, and for soybean more

And supply. that of wasn't like enough, under talking a in you've global kind about experienced Ukraine never if economy this. got shortfall We've so a pressures

pay goods. and a year. or rescinding quite don't see going had As higher think went we've harvest 'XX the we to actually premium planting, for our resilient. acknowledged environment next We we've that acute We to pricing it's into

can So why can additional require which that's take going us to OpEx to actions, in manage. that additional cuts is announce we what we you heard so manage Dean

year. We will impact have an next

answer. with we're starting different to and actions that But it's back that it's to to final what We have already anticipated. refine we because with come to you address be we're trust it. be. that not going different we're of that from really impact actions nailed the But down today next we will how an we as enough this, year. it's take seeing now, taking will And big us

Operator

The the is line from Owen Oppenheimer. from on next Kristen question

Kristen Owen

follow-up say would there, little sort to the you provide lot to of I more the -- maybe was maybe but generation be first the And some to a able on relationship ADM, bit to a to a of some capacity Adam ability you the there's on asking thorough just extent granular can't what if -- questions start. to their with because update update that know use -- things what you're asking really could more just a ADM of about. My is are of a helpful

Adrienne Elsner

absolutely. Yes,

our opportunity taking just terms in perfect been a licensing ADM have is and of network growth There a And of their capacity. shared a is step and of plan. tremendous that. their partnerships always example So back, part

begun partnership crop. to targeted in the XXXX So working applications. is protein the The progressing support of well. crop ultra-high ADM of terms relationship, has some confirm is props and value processing our the and

utilizing you their which We're we working network think, the table said. bring is what on their with I leverage to It's the them, exactly supply what Kristen, chain, protein high closely crop. advantaged rather capacity to well, and end-to-end

We're what crop across to -- of see been see. country, good by and looks major company the has the We potential 'XX And be continues drought much we experienced what far. or could dedicated from believe this impact so about we're that encouraged partnership partnership Our the be. in a today, excited don't really the going right we But it thing of work for us the process. to is model model. forward the

in with now this sharper I to cost we we efficiencies where partnerships of that much today, that a paper this marrying question. to doing think internal of Benson and hoping I the see model opportunity pipeline, an pen create kind our like your have answered assessment put I'm really Hill, can think for a further. take to terms innovation identify

Kristen Owen

Certainly, there. commentary very additional helpful

you've pipeline, R&D you from they're update just innovation where like you that of on if with of some you on those some an these did to Just market? opportunity potential the can provide of of products got Deanie, mention could have wondering terms in that standpoint. cadence feel customers, kind us you of largely to conversations what sort I'm what sight lines. accelerate time of line bringing derisked And

Adrienne Elsner

Absolutely.

for to instances, XXXX. So to XXXX. for have already back that the it available ground by It means, the hand something seed we've the expand to And the in crops so material we got we for Investor year production to become we of seeds March. towards pipeline our and in us sale Day in some in next in outlined end becomes available that's in XXXX, progress innovation available materially it. continue But

And with there creation value think so crop. we is opportunities that tremendous

terms as able broadly more our a opportunity of assess think it was market new comments that the in that broadening set past. the of a we've innovation. been my in innovation for we been to to alluded monetize and aperture really I of looking in I ways looking to at through eyes, adjacencies into what aggressively And think of I the hadn't

certainly what It animal we to start and XXXX, and into actually see the original company. and buoyant were for was And thesis application derisked have now a opportunities. really in animal some look they innovation books ready has international, of feed growing real part at big feed is we on But the very when the you the livestock that later-stage markets. for

terms of competitive that innovation in could advantage -- Those density. bring nutrient real

livestock back and and could step real why we continues. emerging the step when to this company quite and now human we there's potentially interest begun our out Those So against look there's are were an thesis specialty feel back opportunity ingredients, that feed But yes, we really animal international. innovation we where go, say, we discussions approach at broaden is we there, and our compelling. having and we've remains investment which the solid and for some like

forward model going create can are we're do, to that We challenged partnership a in the value accelerate the always company now have that we more inflection operating so so but to had really our to environment. the doing opportunity

really that creation to enabler the we see strategic our where value that's of So have a to become partnerships in us. front

Operator

Hernandez The next is from question Barclays. Antonio from

Antonio Hernandez

more your headwind? of side. which What cost profit That You especially ahead, but headwinds relevant be gross of helpful. most couple little already is tightening guidance, guidance being more impacting for revision the on the on will lower could a you maybe guidance relevant a ones provide the bit the a of of part are mentioned if

Dean Freeman

great It's question. Antonio. Thanks, a Yes.

started the much of range We million. guidance year very with $XX million we that that a sort think to We million. $XX from range is million $XX profit tightened of to intact. range of So gross $XX

derisking couple of sit sort think things. I the a guidance upside we we're the of midyear, just As from that One, midpoint. at to here the

function some logistical markets, persistent dynamics pricing And that's a on in of ingredients go which depending inflationary our ongoing effect, costs, proprietary of really of a bit potential to. end

depending margin with So go which guidance into. we and markets products there regard relative those to some mismatch the on expect, could be to realization the

sure price and is we've outlook. at And of and/or in that again, we profile derisking we're margin fully the any the on midpoint ensuring guidance, mix expect really that visibility cost the to just making the focused got related volume, the that that embedded

-- those one derisking specific relative So it's say to of nothing there's outlook It's I wouldn't factors. the a thing. full just

Operator

is Markets. question Ben from Lake next The Street from Capital Klieve

Benjamin Klieve

A couple me. for

you're here can products comment review next First a of Deanie, wondering that comprehensive communicated you doing all, like into been sounds business the granular of I'm offered next pretty on year. have and if year. it to the be heading

to that XX priorities product the you launch of be those have are You either have with commercial a those of looking you or Can biggest characteristics next What perhaps year? those you're for you're here especially more comment next on reduction products had varieties to this those as assess for the X have kind become that set year. kind looking as characteristics portfolio noncore. product year,

Adrienne Elsner

that say they're portfolio looking and increasing -- to higher protein our going in general, over And I'll deliverables yields. the So product really we're that X at next the lower on is years. focusing be

So those come are out you're see the things to going overall.

introduced the you're will be and year, going to that our the see us next Enlist crops. improvement protein against yield directly herbicide tolerant on products, and X So

will well could that, going go high market. get can to into go the feed well us be into protein the animal as next-generation the Beyond ultra-high Those as that markets into both protein oligosaccharide you're feed low varieties human varieties. see that

pea. to protein going see yellow us also You're higher pursue

have all into be ready commercial in planted, we and products. so initiatives are next innovations those sell streams And will team those that will a years, end ingredient matured, to customers be X that be who go over are and expanded the will engaged

still have That's portfolio. look happening. why derisked these 'XX within and because stack infrastructure advantaged options for say, are What our technical data most 'XX when part, our is we gets exciting and beyond we you the

infrastructure. is the you as of into I would for difficult technical our as only contend we high And innovation questions our opportunity pipelines, so look our out when that ask

moat got X we next sustainable We've do, After exciting competitor drive think some got years. to what's have a giving next a whole now is sustainable. is And versus work it relatively but competition the a and lineup innovation years of innovation. in de-risked. because The we've to it is competitive that, for X quite versus I marketplace, us the that's -- way systemic the

will it there. go on from and that in years stream a starts So be X will about continually

Benjamin Klieve

other That's for helpful. question One me.

than kind the you're in opportunity, heard about from You over livestock differentiated a like on sounds customers call -- you about opportunity. excited talked historically. the product you a can facilities your of I've so pretty about couple what hearing you're this more It here of downstream of lot how crush about But materially backdrop offering in the kind can this the years? emerge be next here of set talk to

I differentiated the commodity think is given that do these come as mean, supply mail be the think how you I expecting growth products online. can facilities your industry versus

Adrienne Elsner

of I it great Yes, you goes going X% look the into market feed. human market, to XX%, at comes great it's the And consumption. It's this. question. the Only feed is crush think animal a market question. majority crushed soy a into of down and When vast this

is of but benefit specialty much, much susceptible commodity pricing it to it's the issues. a so And and play, human is margin higher

seeing the studies some That is ingredients playing it PD like margin that soy. our -- had about in higher easily coming is to And is lower so start indicate but a When that higher feed, cost our means more that in case animals our have traits, it's would pike food. easier we in the of fact, what which pipeline is opportunity, that, be volume what of going and down digest is, to our oligosaccharide animal we to means soy for our animal you much the could innovation products low right? in structure, some replace innovation we digest we're

indicating we an incredibly talk interested as so if with pursuing kind they're in us. design we that is they to customers, of us that then could be what would stream And potential to innovation

brilliance to is intelligence, And these trait and again, the this our of designed for the in faster being it's we technical through infrastructure data and/or based beginning, stack, products artificial are breeding characteristics that Benson in you're looking the what speed established been get all out a has the speed able editing, then from door. Hill, much gene to, market, of on the being at

And today, feed so animal to our pipeline in that very market. look have the we appealing products

terms if scratch have trade in further to do we be the do we've it then tap what into to of how to the or similar stream we very market. We We know are at this, we that's cost design to cost how begun profile. this. those of only a very, proposition. But to able ingredient to a surface very with we able products better similar think got efficient is are attractive a better And

this You are have you hearing Hill, always if of this in go opportunity. again, thesis the pipeline was us the the talk investment more But in past. of Benson about than to the we back original as next gen

yet for to the into we're the innovation bring forward tap stream help a value further that seeing to company. ingredient and is what opportunity And so the build

Operator

Wright from question The ROTH next is from Brian MKM.

Brian Wright

there and incorrectly? Is And on I am ADM take a update the -- in that little a there was of co-branded process? thought the updated like partnership. agreement on because just to work recollecting just -- just kind ADM product the go sort further timing wanted I just of kind any of -- any I on or that

Adrienne Elsner

absolutely. Yes,

for so, official So materials the to still been products sales launch do these be has partnership an on set. although is of year into briefed. portfolio the the yet teams They to sales year. teams by together have launch the have date plan the been half the to working back have this last Their ADM and in

sales for very half the to so be them of working and receptivity on of that this that all benefits the the value And year, the appear we're with locked they we sat the for ADM with front. create there the down as to speak back and on but that and get products, brief customers, we encouraging the products organization good

Brian Wright

right? basis? So that then not absolute can is you Or an dollar a is that soybean you whether certain And or it the traditional when committed go prices you soy I'm on relevant not, down, over with premium is percentage understand, to contract a pricing, Or this means? growers, how us on just sure reference-based but just help works?

Dean Freeman

Brian. Yes,

So for contract contract delivery. we scale, or volumes, time the of when with you for But will, if farmers. we at of acreage sort we the that price delivery

So hedging we us forward price. have those and of ultimately contracts help sell that will -- why programs that's derisk

So we the acreage then. and first, Yes? contracted

Brian Wright

today's referencing issue the sure more price function -- of that Is you have the what's call there I -- make on specialty the of volatility just to your not to is exactly. all input the referenced the end of that on a ingredients So understand customers? of kind going selling you're is

Dean Freeman

it are I yes, back the ingredients comments comments bean pricing referencing Well, the my contracted Yes. specialty market. mean just delivery. of refer the is But contracting, to on our on part so is, to

the However, premium we in advance. prenegotiate grower

potential So supply of escalation pricing to where demand that we of that's premium dynamics, where acreage, pricing there's potential contend have get non-GMO with. and dislocations, we into

Brian Wright

it's So a it negotiations matter that... of pricing, is and the reference growers. a just that with is reference-based on what based the premium Is

Dean Freeman

right. exactly that's Yes,

Operator

appears questions. no have Instructions]. further we It [Operator

remarks. I'd back to So Deanie closing call the to hand like for

Adrienne Elsner

you, We and time your appreciate Chach. Thank attention morning. this

growth leverage we're opportunities the foundation XXXX quarterly Hill exploring strong about and the Because Benson strength ahead. all of are that back our long-term we've to the current landscape. outlook, excited On position options to we of created, the performance market given

evolution. talent of right the Hill to the its to go-to-market capabilities take Benson next have phase We technology and

follow-up questions if Please for conversation. get you Thank Ruben want have your a very you with in or time. any much touch

Operator

Benson call. conference Hill concludes That the

exit now the may you. your and Thank webcast. lines disconnect You

Benson Hill (BHIL) 9 Aug 232023 Q2 Earnings call transcript