LOCL - Earnings call transcript Q4 2021 | Local Bounti Corporation

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Operator

Hello, and welcome to the Local Bounti Conference Call and Webcast to Discuss the Strategic Acquisition of Pete’s and Full Year 2021 Earnings. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to Jeff Sonnek with ICR. ahead. go please Jeff,

Jeff Sonnek

forward-looking CEO good meaning Co-CEOs, number presentation Act Joyner; discussed statements statements. management’s Such Craig than historical Valiasek; of forward-looking Securities to concerning President Officer, to of and during Private comments by unknown and materially call subject based beliefs, are considered known the the today’s the Chief be future are XXXX. statements other the safe on Local of Kathleen contain results and risks These Cook, Brian Bounti’s Hurlbert differ from within statements and Reform uncertainties Pete’s. morning. current as you, in All facts are The statements. well of will events. and forward-looking could made the Today’s expectations that statements statements actual hosted Financial of results of Thank Litigation and and as forward-looking provisions Travis harbor a assumptions cause

of Some the uncertainties discussed and SEC. filings identified the are company’s in with risks these and

measures for measures of like refer found Co-CEO. that, to our financial release, over Craig investors.localbounti.com certain call Relations non-GAAP to which refer now their to on Hurlbert, comparable Please directly GAAP will also measures. website the We can to financial to be non-GAAP most I’d today. Investor press reconciliations With turn the

Craig Hurlbert

Kathy Pete’s remarks about on Pete’s, we financial with around our then are Jeff, morning, of Joyner, XXXX. business the out our existing XXXX updates first the their transformational on of creating This by transaction; our that accretive and Thank call of some Pete’s $XXX.X covering synergies everyone. the near-term while agreement retail our some announced Valiasek This ask provide definitive round good select morning, to Travis November and and commentary operational summary Brian at closing start then some acquisition business grocery our and you, Co-CEO, perspectives immediately will relationships and brand; acquisition progress. Cook, operational I’ll so excited have XX,XXX some derisked about. give combination a since CEO in footprint operational instantly we President to sharing execution, approximately coast-to-coast is for our acquire a million. and stores. summary marks

estimated flow are the funding revenue Stack We industry, an existing bolstered price our greater manner transaction by our Cargill than economics, level Bounti’s XX% expecting economics million EBITDA. our credit generated for of agriculture to utilize This leading This are supports consideration. a enabled by our Local the similarly and the cash million facility historical which consistent margins in controlled with purchase further strong and environment consideration, are pathway preserves and efficient and and that Pete’s also cost-effective consistent XXXX own in cash approximately breakeven. system enhances leadership performance, unit Flow unit positive and within to level operating $XX of gross stock is financial $XX.X of including liquidity, which

for synergies yield ideal their can technology Technology. enhancing of operating Pete’s retrofit two numerous productivity between an As unit growing Pete’s easily are you’ll hear our system, into model Flow further square This economics. the pending, today, patent is fit and Stack there expanding and foot businesses. high-yield our implementation per

United complementary to company’s procurement and market thoughts. the solutions We CEO at through of at sales, for technological improve scale States. the largest practices CEA strengths and We a With creating are implement his fresh significant market across living and a in which I’ll operational lettuce thrilled profitable economics of to this leverage opportunity to Pete’s local unit operation, facilities. combine loosely and with efficiencies Local significantly of while creating best varietals, the this to and the some President transaction, call access as Pete’s, unique to Cook, Brian? accelerate Brian Bounti’s that, in one see further of leader to CEA brings pass our our opportunity combined companies highly

Brian Cook

construction slated and XXXX Craig. focused a is second California-based quarter Thank in produce indoor become California, to growing President been operational in Pete’s XX I’ve XX the on to you, last this for leafy we in facilities have in stages XXXX. been late growing company Georgia, fortunate farming serve the for a over business in as years. of Today, great with since and third greens its two that’s operate business the CEO. years of

our sales As relationships a today, direct We to those chip with is blue relationships Craig retail states be with five any business XX,XXX revenue, with done as that broadest including Target, the Albertsons, our customers, over believe Kroger, over across well years AmazonFresh. XX% and and to such XX locations another has retail Moreover, the America. retailers, alluded, equates provinces grower as over as approximately through Walmart, Customers it notable. nearly distribution of in of years. XXX primarily CEA XX nationwide and Pete’s of XX% Whole network we’ve reaches XX-year that Foods Canadian North

living Today, CEA category. program the Our total salad systems practices have were were the lettuce share technological share amongst in best package living Today, in also XX% proprietary packing systems. for for channel and first other We by on provide been hydroponically commercial our first commands geographic Coast. brand our adopt were We living in the produce our XX% level U.S. market. has lettuce product butter approximately to to fresh success clear throughout expansion. on achieving the products advancements we XXXX West within establishing years, driven our certification into CEA successful gutter organic developed that expanded varieties lettuce and our take Pete’s Western strong competitors. first-mover. automate greenhouse We market the first and foundation the the to a in being butter in legacy We’ve apparent of lettuce is crops to leadership in XXXX. Pete’s leveraged our of focus and of in and nearly a share strength

drive for in long resulted in of Our top benefit This basis bottom growth. continuous to margin expansion history established two to gross line capital our extreme focus on to speaks growing points years, improvement completing XXXX. systems several that just projects from our XXX lettuce and and XXXX of transformative and

you in As we organization quest crop are and look Fundamentally, ourselves for ahead, driven very share Local turn improvement alongside team, efficiency an is Bounti enhance familiar expand this and commitment are shared by This to position. with create your along Travis, drive Bounti, with over Local alignment ROI. an innovation, with that find nonstop core foundational operating our to today. reason we remarks. we and as we single company the a to yield, a for to we transaction comfortable a philosophy insatiable excited

Travis Joyner

Brian. you, Thank

facilities which a Pete’s. so and the sides. and crystal the and economics for CEA of why like comes no California to efficiency. economics. attacked do Bounti, years, exciting with Brian greenhouse for than it math same At Georgia to and And plot team we Crop we combined Pete’s, times it While in has facility driven is that walking and turning clear unit company goods aggressively many for the culture is to in has team, when both turned say be by one more Local Pete’s can is and cost the increase sold was the Pete’s learning said unit

as Local So probe well Bounti, now, this makes to a drive suited creation we’ve particularly for take synergies I’ll minutes that the operational few value for to we transaction into deeper which shareholders. identified, seek

gives a latest CEA. computer innovations that in as Local drive technology unique expand Bounti advantage on for highly higher, necessarily resulting operations so proprietary investment ahead capital range provide operations. our manner, allows execute technology to to improvement vertical and are Bounti’s to to quo will Pete’s lie greenhouse Stack an to of either on return in the significant highest to and IoT continue we organic facility the into higher Technology, is on put, Flow on about plan drive peers our to example isn’t integration ways our and the and economics. build a to broad the a for nature that existing X step-change expect that impact our It’s be First, capital even of Simply leader Local touch us efficient margin retrofit This crop to differentiated automation, important existing and improvements I why Local we’re revenue and with with and unlock return improvement foundational we accelerate and differentiated. Flow times deploy growth to to to our iterative pure reducing And systems, highly X.X and have the to us the with best-in-class yield a in yields strategy but while minimizing the as The improvement. pure one CEA technologies, disruptive capabilities who just excited unit costs of and while outs, make Bounti’s we this tailwinds. infrastructure modularity commitment is ensure well. greenhouse controls deliver can it’s growing status on of AI Ultimately, existing Vision, it’s We investors. Technology us unlock cycles on integrate of which yield or achieving using required capital. SKUs, This plan flexibility that leafy direct green opportunities the technology the coupled Stack

approximately significant is the scale serves. impact instant for doors distribution Local the currently transformational of Bounti XXX immediate doors network relative retail Second, with Pete’s on us customer Bounti. provides Local to and expansive approximately reach retail XX,XXX

and existing the in we path U.S. the customer California as products Specifically, Pete’s market, provide large leverage as efficient Northwestern bounties sell us will into well to a the and base local Southeast. beyond, immediately more

at And of $X quarter only benefit the CEA, markets. for a which assortment that lettuce the salad out billion XX is a today. salad raw the job significant a associated in of fantastic packaging facility total supply will purchasing material in efficiencies in building multi-tiered our support market This impact will This to CEA And key realize expect launch scale, areas roll remarks. particular to done We over fraction house call a years, of margin. Kathy, underpenetrated other anticipated offering, translates facility, drive growing to goods on favorable XXXX. our packaged will our brand And Pete’s her for impact Of and anticipated we and turn fearless positive business be our market a to U.S. is cost the over and note such team coming is strategy at the procurement supply Pete’s on which chain-related chain. cost of operating approximate into as we and I’ll economics will the benefits a Georgia with efficient of third, scale. by greater of together, large second online has now, representing and all also a to improve from as SKU CFO

Kathleen Valiasek

The in of balance to team financing favorable comprised place subsidiary are an facility Travis. Bounti and We Pete’s remain pursuant Local is XXX employees. that will total a price becomes Cargill, of in this provided of headcount to $XX.X management paid our a Pete’s anticipate Bounti. employees of is initial accretive be with Local purchase for terms and expected million the Bounti existing the be to Thanks, of with join wholly-owned all of that to stock. are lending XXX combined million company expected $XXX.X transaction Local immediately million as of The $XX

very and build together upon excited their success to date. to work are We

As few out a elements to significant. synergies like for key operational are I’d be to the you heard, point expected you.

farm, three generate Pete’s will farms, Georgia is Georgia needed second in least that open $XX to of million run production sales basis demand the annualized the ramps believe First, existing to the customers, the which of we two much an rate at capacity from quarter, including slated on known provides addition meet once California up. facility

the Pasco, and materials known transaction first become XX% have our expects equipment with Local of the base good we from locations goods And savings we in existing delay, here facilities from existing Pete’s deployed construction. Washington country. as rolling full drive achieve with farms, farm of of back the preparation transaction, and our significantly is transformational across doors to state customer the capital paused committed best-in-class completed design unit Due Despite brings fortune an has of company to the the estimated continuing build considered anticipated that we to as Pasco This on meet significant and to consider they that Bounti’s more third, prior Bounti. the me technology retail and nature operational to packaging sold its synergies, out of at operation. construction operations to optimized site decisions of local the the year allocation remain that to as our to demand synergies the and of our the the the design the and Pete’s Second, raw Local XX,XXX to fully permits. the systems and are those of efficient necessary existing economics Pete’s well reaches own obtained we pipeline ensure cost

as service customers We are routes key locations of freight to include well national our minimize optimizing delivery footprint. Pete’s to schedule. enhancing consistent similarly while customer existing meeting analysis prime the demand from distribution considerations costs, undergoing with pipeline future an maximize known as Key for network, within

year been our was locations has in taking to the that Pete’s with and an update structure the to total credit ended Corp, on credit include the to timelines facility. XX, a We May. XXXX, use we analysis $XX.X and of million and anticipated the announced, for are first cash III of utilize XX, and From $XXX.X conjunction equivalents In November cash completed in expect our as call our acquisition, Cargill planning with facility Holdings our Leo million December quarter with on XXXX amended our agreement the transaction dive with Now balance in facility reflects transaction. the combination we availability a XXXX. business on capital during Pasco sheet on earnings deeper provide that perspective,

gross financial apples-to-apples Finally, note year and XXXX of XXXX I XX%. brief drove cost back] [ph] is to depreciation or of long-term that positive is full margin $XXX,XXX process, our to also of gross a in profit comparison out gross We our $XXX,XXX that in sales would performance. [deep on margin during sold, splitting depreciation been representing well this expectations in an of point we by margin provided generated within projections and XXXX, approximately XX%. excess burdened have that performance goods a make the

with loss and in are of in unit and Stack performance, we in have our Adjusted speaks for $XX.X $XX.X the But combination, business Flow and other $XX.X was associated which advantage includes stock-based it on million million million focus depreciation to pleased a non-comparable $X.X model approximately the loss items XXXX. Net was XXXX. loss We level XXXX our margin with million expenses to was again, economics $X.X and of of with the $XXX,XXX. comp EBITDA and income million expense million compares of $XX.X full year Technology.

the affording us improve industry-leading drive simultaneously assuming to their pro over our is cycles partial proprietary On an operator a transaction farms year the As of best-in-class to significant full basis, in ahead and and of Stack the while Georgia unit to XXXX excited million Flow industry, In sales the to and in and lower Pete’s and crop are opportunity about operations extremely our of XXXX. provides on further Pete’s and Flow summary, forma begin year of scale, full look to Pete’s, at CEA brings financial contribution including transaction our guiding Technology second consolidated the building improving we year closing costs we that upon leadership Pete’s business, focused the our that to XXXX. to economics. on $XX while Stack upon California are XXXX, a Technology drive our we XXXX, incorporate into scale with least proven for quarter with

thrilled your ready transformational are take to transaction to questions. and you this share accretive immediately with are now Operator? We and today,

Operator

Our session. is [Operator today Colin Instructions] from now be question first Oppenheimer. conducting We’ll you. from Rusch coming a question-and-answer Thank

live. Your line is now

Colin Rusch

so I’m organization? management have Thanks end into and this how expecting relationship how guys other, congratulations guys, much, the long each transaction. of the done, about and process this the the senior company’s on how integrate curious is you’re the you of history and to known long

Craig Hurlbert

is the much your to Hey, voice so for you Yeah. question. hear Nice Colin, this thank again. Craig,

your before all it’s of things. is I of whole we’ve the of a transformational consolidation really to talking together I companies to transaction two is seven I industry level. does, Travis coming equals years, ever Local for what couple scenario. this So, process say a about the type with if and it two been just Number I And two business model, been crop CEA since transformational the plus what for the I answer in transaction high X.X, think kind X this started going could see And Bounti. really one, believe question, entire create have Bounti to industry. of cream for you’re I whole this Local want think

We’re about the super excited transaction.

we later, excited first As and started be that next integration the in few at more mid-October. chain call started of we that And on point year. about at and versus we supply two come the question, was build time. really it in got will the it didn’t report that part together. about really of that, the basically process looking hearing And relates about pending whole to concept right that and quarter et in working the of be got our Pete’s I over issues, involved looking you’ll to your earnings a M&A Pete’s months companies really whole what the And we in middle we’ll process from But at cetera. concept this buy as relates coming in here out giving in

Colin Rusch

strategy your around relationships and what is question expectations scale then relationships. that customer those How technology how this will of level around the customer enables this having around and by impacting really your And evolve? Great. And is second integration. approach

Craig Hurlbert

customer And with back decision about Colin. really, But kind we’re the question, really, the a we’re customer combined almost business as to Bounti anyway. every brings make, we Local of what back doors. great it Pete’s think, perspective, I mentioned, XX,XXX a is from really, impacts think That’s because going company,

a not contract farmer. We’re

someone that is from are the backwards. We looking customer

So our when facilities. impact it’s build to we where and going

our We’re future to now demand. extent Pete’s planning some meet pent-up build to out facility existing customer

And so the it really focus best our on based going where place putting capital helps the where to is it that kind us we’re to to – kind on of changes capital, of backwards. like things place customer work, be

Colin Rusch

synergies Can to that power? on your It this economics go-forward unit Great. footprint. based what beyond just And identified? cost both already existing returns about that me talk then from from last curious seems incremental these to are to about the synergies comments there’s bit a from still is there’s some do improve early what potential learning just there. recent question, the probably really facilities, on purchasing little and separate that But that on the you’ve you the work

Craig Hurlbert

Great, Colin. tackle one? you that for why Thank Travis, don’t you question. that

Travis Joyner

foremost, this of think from I you’re relates management exciting best-in-class to part satisfying on with Yeah, transaction side with and customer Stack their and operations Pete’s it product. first but technology as as an is the in tremendous product, really core Flow that perspective cost experienced putting very well have they XX% as efficiency for of butter unit sold, market economics share also demand, around goods lettuce, driving which is

supply to and enable us from deep also, to Flow really throughout California also we relationships together which we facility, to the chain. as facilities lots have lots they future. adding combine Craig’s those benefit organic and California facilities increase Pete’s of in Stack will our driven the the I facility degree, place into and look Technology I the point, already our Georgia that, – also chain and a of growth will but their into And will supply great Stack think and two will to So look from lots experience next and we lots customer as where And to future the out combine two it’ll think, efficiency facilities.

Colin Rusch

guys. All so right. much, Thanks

Craig Hurlbert

Colin. you, Thank

Operator

Thank you.

Markets. Our next Klieve Ben Lake question Street from is coming from Capital

Your live. line is now

Ben Klieve

taking We here. my got questions. All few right. a for Thanks

to even Pasco this postpone process the all, was the facility? hadn’t beyond wondering made of the done really like regarding decision I’m prep. site It First facility. sounds the construction when

Craig Hurlbert

Kathy, do address to want you that?

Kathleen Valiasek

was it Yeah, sure. made we in I decision. say really January early that that actually would

Ben Klieve

Pasco, The medium-term. decide you Okay. really something for of have focus here pause and kind in financial just around And to What the the of the go is own guys direction that’s these the here facilities capital, made that, then the location, it human not to kind construction retrofit on versus but do you What’s making the over on you it? here capital, else? your retrofit had decide kind ambition limiting other factor of pieces build?

Craig Hurlbert

Ben, this Craig. Yeah. is Hey,

straightforward. customer-focused backwards. answer think existing question is as mentioned, customer I Pete’s I I call, just footprint, has an to We demand. relatively existing pent-up that It’s with the what – would

silly. to consideration place would our not for So where us take as that into we be capital,

let’s we’re we’re doing and kind capital that. map So are where then at want customers product and there relook really, our a expand we’re that the the past of saying, place what is the today, taking first,

us, in And So to sense as I is it’s become of since to really mentioned, issues, build versus buy October think supply more, And capital. backwards play as cetera, that have chain in was the to relevant. even the out, whole I’d timeframe. played say et for kind we’re I it’s the refreshing concept place able the be focus able really from customer

own facility the as to kind I we’re would the Coast East way it’s yes, is anyway, make customers make. is customers Also, the focusing the we were at facility point we So build where I backwards that looked Georgia would of on a backwards. That’s just on our have – the it. looked on would

Ben Klieve

it. Got

Kathleen Valiasek

me add a comment. let And

facility. Nevada think So had that we California the our to realized right, are Nevada two going we we them, considering need if been you facilities, about that the facility, – a

Ben Klieve

Gotcha.

And These of that on. really, the guys makes for that us me on of other locations locations one also question facility locations what Are in Craig that other are into, of kind regarding then any Georgia, potentially much just you what anyway? and these that I’m shows touched Virginia scale kind facilities Can the you Now those curious it to they is looks the be give – Georgia too and facilities of Pete’s sense. are? than like then all would Texas. helpful? Perfect. – here I’m maybe going sense of planned that that be? commercial reading is And both

Craig Hurlbert

Yeah, thanks.

Georgia don’t So hey, the of you first Travis, sizing? on why tackle part question that

Travis Joyner

Yeah.

Georgia will simultaneously, It grass site facility will working I acres commissioning well we beyond expand year. on Georgia April. kind and is tremendous April in three the will we it QX. integrating think at acres, particular harvest the begin under part the has of begin production So ramp-up our about begin stack in to through three And facility. it in is And and expect exciting capacity facility begin that phase this to with that to that production X the early

Ben Klieve

locations Texas are Got reading that Or wrong? and you, it. other And am there in Thank Travis. then Virginia? I

Craig Hurlbert

the in There be have facilities we’ll Texas over to earnings Virginia, few going Ben. – current can next next kind or are no here more that operating looking months, in call. on of our to you again, But we’re our next as report tell, at

Ben Klieve

it. Got

Okay. Very back I’ll for everybody, queue. questions. get good. my in taking Thanks,

Craig Hurlbert

Ben. you, Thank

Operator

Thank you.

is Barnes coming question Deutsche Chris from Next Bank. from

now is line Your live.

Chris Barnes

Flow and the just to build with as the discuss you’re Stack these on with facilities the first the I Like, good like just just it morning, to just I and model? and Hey, cost like topic question. as guess the retrofit the sort guess take could for would the the, question. time you of acquisition, thanks Pete’s

Craig Hurlbert

that Stack Flow you Travis, about your what and nice takes Chris, voice. to Georgia, why for hear don’t in talk to it example? retrofit Hey,

Travis Joyner

the the in Local things, we’re buying is when customer of of made of case, Yeah, the you is build kind I reach, ROIC a Bounti, looking of do and entered think to of of then the it’s principle no-brainer in when analysis, we tremendous And this really access do market sense. the number And at versus kind it retrofit. versus which math. buying buy one territory. add amount greenfield retrofit just we back side And which at kind tangible the

math a versus build, retrofit, compare me So as you a a and of buy buy excuse case, made lot buy and greenfield in or sense. a retrofit the this and

with a a two is facility, of same there substantially Stack output going then And as facilities. increase tremendous at increase well. existing the retrofit in a got You Georgia in in you’re to add facilities looking California, thing, at phase, the the output those

math it, I of but there’s I of one and the So, which think tangible humility. it, we people I intangible think, also is And side of Bounti the is Local there’s the here conduct think the side. did number side code

who great management We’re people for a has looking same in always values. things our great to a innovating additive who as we found unit this the people, who are company, the driven history And case, NCEA, they’re share and by team, us tremendous economics. [ph]

California deeper spades. the and think you do Georgia facilities, see in out both math into And will here, on build when we get was of that ROIC versus the you I kind the So buy the no-brainer. a as reporting I think

Craig Hurlbert

I and for ago, and unit economics. our striving technology higher technology But months Stack to Flow business model. part other top this economics. Travis is I our Pete’s several Stack really, retrofittable, I’ll we One Chris, of build, we’re really as Craig. technology is there concept the add Hey, Yeah. and would very this came unit to to to being times thing of Flow whole about months is Travis’ and look of a better add example, point unlock today, unique proprietary facilities, targets able mentioned existing And say, and versus our on at for when buy yields

technology. and the But same a of So think it’s others that M&A us part are I unique just strategy. kind don’t of applying our can many do, given

just were was kind when obvious the it’s synergies started at that looking that to and us looking of we to So very we something it it needed as mentioned, became at do. there, Travis this

Chris Barnes

math, Are think helpful. share to ROIC Got to Are or I right? you that’s able that any it, willing of that, able and any of you share now?

Craig Hurlbert

I the think of over think to can maybe get more let us we that. share time, organizations begin And integrated. I

Chris Barnes

of some like a longer-term then, upside like existing like That’s you by share meeting pent-up just meet to of in able fair. revenue any it. to customer see are perspective the the terms any you Pete’s of just mentioned Got like much like, side, like, like times, few And business? that demand in on you working demand how

Craig Hurlbert

years. a is a the the of day, customer years get just a very from we as I and what tremendous lot customers now. years long on very whole of there’s single is and that we’re business the so proven at really is, promise for a relationships is, high product every speaking in. Local has quickly. towards industry the with level, whole just short in means problem in put What cluttered loyalty the Well, And Pete’s think tremendous space many, whole general. result, there’s indoor I pedal metal Bounti the call, Pete’s there’s will has, And and XXX that there’s execution, candidly, grow demand for that Right. loyalty maybe lot on the could what The lot doors demands whole really to right execution. we for meeting But like, with Pete been of and a

two. it a towards the With us, powerful the combination is customer-facing really between backwards

of hear to the say more some with customers. will view about going next will into earnings we’re And clearly I calls. time, our and what you’re you, Chris, demand think few over to doing what more I is So over that come more

Chris Barnes

yeah? run last and me that, like, you detail provide intend around the one strategy intend closing you post like how more bit maybe about to guess just little a like, like the multi-brand I the customers do brands for then position to like just was could – how And Okay.

Craig Hurlbert

Pete’s what CEA Yeah. players. Bounti both is with I’ll the It’s here is And and which isn’t Chris. to Local point that thing brand out always a focused, case are something say is again, important great the question,

get So little Travis, why don’t you on at looking detail how into a we’re that?

Travis Joyner

Yeah.

So the from. on different the together multiple that about then think And a to now doors Local brand day in brand store think around places, look work good, retail think tremendous a it’s XX you Bounti our being strategy will one, I like have obviously in I we of to best SKUs. ultimately, as and future, companies better, having we’ve presence you SKU. in strategy, And think, brands national And brand when local, more ultimately, got two right lead distribution retail, more I think label. already. going Pete’s into about has broader white a to

a So in and at to has exciting to their a different brands. of some with have delivering of Georgia, product getting history access we’re like that multiple looking delicious new terms in expand doors great we’re Pete’s, excited brand, to count. In beyond opportunities SKU continuing

the to I in So move it faster retail more really doors. and think gives us ability get

Chris Barnes

much. right. you All very Thank

Craig Hurlbert

Chris. thanks, Hey,

Operator

you. Thank

coming question final Wright from Brian today from Capital. ROTH Our is

is line live. Your now

Brian Wright

capacity? out Good Quick versus you with to question. expectations morning. Can differential between Pete’s before the current the us Thanks. comes help production revenue Georgia with online capacity

Craig Hurlbert

Yeah. get question. I prepared for we’re today, thanks to think the don’t that into Brian,

integrating call. we’ll And focused next report here. we think earnings you maybe on be with that’s I something can or on out our follow-up on

Brian Wright

Great. Thank you. No problem.

Craig Hurlbert

You for thank your you bet. Brian, question.

Operator

closing to over turn question-and-answer or management floor you. We’ve the any of for end like comments. Thank to reached back the I’d session. our further

Craig Hurlbert

thanks so earnings. our I the just Yeah, came same on like CEA by team. of And Hurlbert. everyone not Brian, you your to as that I’d this reporting the kind together entire close It’s is but And on thank for Craig obviously, we’re complete game for saying Bounti, here both interesting quarter reiterate, sides. industry. to all would Local transaction like this this the Pete’s view fourth also for we as a day changer, transaction, just to

excited. very We’re

hang going we’re Travis very we’re here. the phone up to As said, humbled, and

get about to to for thank excited for add? their you’d going like back to and I’d We’re shareholders. to go like do work anything the Travis, time. in everybody you Very have back and the transaction. dig

Travis Joyner

well. you Thanks it all. sir, said No,

Craig Hurlbert

to Thank everyone. you

Operator

conclude Thank teleconference today’s and you. That webcast. does

time, your and may You line disconnect this We today. participation thank a for have at wonderful day. your you

Local Bounti (LOCL) 15 Mar 222021 Q4 Earnings call transcript