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President & CEO John Moore acknowledged the difficult macro environment but outlined a pivot from pricing actions to street-level execution to improve customer retention. He emphasized activating the DSD network for both product penetration and new customer acquisition, and targeting larger enterprise groups by leveraging Farmer Brothers' unique national scale and comprehensive service capabilities. Moore clarified that Farmer Brothers already has a significant presence with diverse client types, including large restaurant groups, across various channels like healthcare, gaming, and institutional catering, leveraging its national footprint, indicating it's an area of existing strength with further growth opportunities. He explained that Brian Miller's role involves realigning business development efforts, fostering growth through referrals from existing top food and beverage organizations, and implementing new KPIs and incentive structures specifically for pure business acquisition activities. Moore confirmed that "business acquisition" refers to the acquisition of new customers. He also confirmed that allied goods are a significant part of their business and they continuously run initiatives to drive interest in different product types, highlighting the opportunity to aggressively meet customer needs with their good, better, best portfolio, efficient inventory, and improved product mix delivery.

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President & CEO John Moore acknowledged the difficult macro environment but emphasized a pivot to street-level execution to improve customer retention and address volume degradation. He detailed plans to activate the DSD network for new customer acquisition and product penetration, leveraging the company's scale for large enterprise groups. Moore confirmed existing traction with major restaurant groups and highlighted the significant role of allied goods in the business, with ongoing initiatives to maximize sales per truck stop.

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CEO John Moore acknowledged the difficult macro environment but outlined a pivot to execution, emphasizing customer retention and aggressive DSD network activation for both product penetration and new customer acquisition. He noted Farmer Bros. Co. already serves large enterprise groups nationally across diverse channels and that the new leadership structure, particularly Brian Miller, allows for greater focus on business development and leveraging referrals. Moore confirmed that allied goods are a significant part of the business and the company actively runs initiatives to maximize sales off trucks, utilizing the good, better, best portfolio and improved inventory/working capital management.

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CEO John Moore detailed the restructuring of the business development and field operations teams, highlighting a new focus on 'centers of excellence' and leveraging route sales representatives for customer acquisition. He identified the competitive landscape and macroeconomic backdrop as key growth challenges. Executive Vance Fisher clarified that the benefits from recent rightsizing would begin to appear in Q4 results and set a new baseline for fiscal year 2026.

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CEO John Moore explained that the new VP of Sales, Brian Miller, is tasked with energizing business development, allowing Tom Bauer to focus solely on optimizing DSD operations. Moore characterized the optimization as being in the 'early to mid-innings,' with significant untapped potential in increasing product penetration within the existing customer base now that foundational issues like out-of-stocks have been addressed.

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CEO John Moore explained that customer churn is stabilizing and retention is better than anticipated despite necessary price increases. He noted that out-of-stock and equipment availability issues have been resolved through better inventory management and SKU rationalization, all while reducing inventory days-on-hand and CapEx. Moore emphasized that the primary growth strategy is not adding new routes but rather optimizing existing ones and increasing product penetration within the current customer base by better equipping the sales team.

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Executive John Moore explained that while customer attrition rates are now in line with industry averages, total pounds per customer have declined due to industry trends and economic pressures. He noted that the focus on higher-profitability customers is improving margins but isn't yet fully offsetting attrition in terms of customer count. CFO Vance Fisher added that achieving sustainable positive free cash flow depends on renewed sales growth, margin protection, and working capital management, but stated it was too early to provide a specific timeline.

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President and COO John Pawlowski explained that Mission Produce's global sourcing strategy primarily supports the U.S. market, with excess fruit opening opportunities in international markets. He highlighted the UK facility's success in building value with retailers and its role as an anchorhead, noting potential inorganic expansion in Europe long-term. Pawlowski confirmed that international market opportunities are indeed more dependent on the size of Peruvian and Mexican harvests. CFO Bryan Giles clarified that SG&A includes a variable profit-sharing component from the farming segment, which tends to peak in Q3 and Q4, attributing over 50% of the Q3 increase to these variable costs.

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John Pawlowski, President and Chief Operating Officer, detailed Mission Produce's strategy of optimizing for the U.S. market while leveraging excess fruit for international growth. He highlighted the UK facility's success in building value with retailers and mentioned potential inorganic expansion in Europe, also noting investments in upgrading the Asia team and talent. He affirmed that international market opportunities are largely dependent on harvest volumes from Peru and Mexico. Bryan Giles, Chief Financial Officer, clarified that SG&A includes a significant variable component, particularly profit sharing from the farming segment, which peaks in Q3 and Q4, making a fixed run rate difficult to determine.

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John Pawlowski, President and Chief Operating Officer, explained that Mission Produce's international strategy leverages excess fruit from Peruvian and Mexican harvests, with the U.K. facility serving as a successful anchor for building value with retailers through global sourcing and promotional planning. He noted that while Europe might present inorganic expansion opportunities in the long term, the current focus is on strategic programming with key customers. In Asia, the company is upgrading its team and talent to drive future growth. Pawlowski confirmed that international market opportunities and margins are indeed more dependent on the size of the Peruvian and Mexican harvests. Bryan Giles, Chief Financial Officer, clarified that over 50% of the SG&A increase was due to variable costs, particularly profit-sharing in the farming segment, which peaks in Q3/Q4, making a fixed run rate difficult to peg.

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President & COO John Pawlowski and CFO Bryan Giles confirmed that consumer demand for avocados has become more resilient at higher price points, driven by adaptation to inflation and a growing base of younger consumers. Regarding the Blueberries segment, CEO Stephen Barnard and CFO Bryan Giles detailed plans to roughly double acreage with new, premium varieties over the next couple of years. Giles stated that the near-term priority for free cash flow is debt reduction, after which returning capital to shareholders will be considered.

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CFO Bryan Giles explained that Q3 margin improvement was primarily driven by strong performance and astute buy-sell management in the Marketing segment, rather than cost savings. He noted that cost-cutting in the International Farming segment successfully mitigated the impact of lower volumes, establishing a lower cost base for future growth. President and COO John Pawlowski added that new internal processes enabled agile execution and expressed excitement about future growth from sales, marketing, and the expanding mango business. CEO Stephen Barnard concluded that the farming outlook is positive and the mango category is leveraging existing assets effectively.

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Rani Kohen, Founder & Executive Chairman, outlined the strategy for reaching cash flow breakeven, which involves reducing cash expenses and launching new high-margin products like the smart heater fan. Regarding code standardization, Kohen expressed confidence that it is a matter of 'when, not if,' citing progress with government safety organizations. He also detailed the extensive experience of the new e-commerce hire, Huey Long, in building major online brands and platforms for companies like Amazon and Walmart, positioning him to drive significant growth.

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CEO Ryan Ezell explained that the five new pilot customers all have footprints similar in size to or larger than their anchor customer, ProFrac. He detailed the diligence process, which begins with proving the Varex monitoring system's capabilities. Regarding capacity, he stated Flotek has a backlog of analyzers and can build larger units within a four to eight-week timeline, with over 200 units available for custody transfer deployment.

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CEO Ryan Ezell stated that the custody transfer sales cycle is accelerating now that its new XSPCT unit is in full production, with a major E&P operator's adoption serving as a key proof of concept. For PWRtek's growth, Ezell outlined a hybrid push-pull strategy involving direct sales to large E&Ps and channel partnerships with energy service providers. He confirmed the sales force is already expanding and that the technology provides the certainty of gas quality needed to enable sales to data centers and for grid support.

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CEO Ryan Ezell highlighted key milestones including double-digit increases in flare monitoring units, acceleration of custody transfer solutions in the second half of the year, and the addition of at least nine power gen units for diverse applications like AI data centers. Ezell stated that a strong natural gas market is a 'great hedge' for Flotek, as gas-heavy basins like the Haynesville require more complex, higher-margin chemistry systems, playing directly into the company's value proposition and long-term strategy.

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CEO Ryan Ezell detailed a bifurcated sales cycle, with the core business at 9-12 months and the newer, regulated flare monitoring business cycle shortening to just weeks. He confirmed the number of active flare units grew from 3 to 11 since the last call and that the chain of custody business is ahead of schedule. CFO Bond Clement provided specific figures, noting flare monitoring revenue grew from $100,000 in August to $600,000 in September, demonstrating rapid traction.

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SVP of Sales and Marketing Kate Houghton confirmed strong volume since mid-June and expects a solid Q3. President and CEO Brian Coleman stated that despite the AIM Act's bipartisan roots, the administration is reviewing regulations, but Hudson is reinforcing the Act's importance with the EPA and Congress. Houghton added that contractor adoption of reclamation is growing, especially after they experience the process and payment firsthand.

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Brian Coleman, an executive, responded that while upstream inventories are expected to have declined in 2024, they remain significant, warranting caution on 2025 pricing. He clarified that Hudson manages its inventory to be sold within the next season and that the dollar value is decreasing as they reload at lower costs. Coleman also confirmed that virgin HFCs still constitute the majority of the market and Hudson's supply, although Hudson's mix includes a higher percentage of reclaimed gas than others.

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Offtake discussions are progressing well for long-term (3-5 year) contracts. Due to India's low-cost structure and locked-in feedstock prices, Loop can offer fixed-price contracts with a take-or-pay element, which is attractive to customers. The next major milestones are securing customer contracts, finalizing the land selection in Gujarat, and arranging debt financing, for which KPMG has been hired.

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CEO Daniel Solomita explained that offtake discussions are advancing, focusing on 3-5 year fixed-price contracts with 'take or pay' clauses to ensure bankability. He noted that due to India's low-cost structure, pricing is very competitive. Solomita confirmed that KPMG has been hired to syndicate debt financing and that site selection in Gujarat has been narrowed to two locations, with customer contracts being the next major milestone.

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Engineering revenue will start to be recognized in the next quarterly filing. Key milestones for the India project include completing the engineering package, securing debt financing, finalizing customer contracts, and establishing spinning partnerships. Loop is actively discussing other licensing opportunities, particularly in high-cost manufacturing countries in Asia.

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CEO Daniel Solomita clarified that the only remaining step for the Reed deal is final regulatory approval, which is expected imminently, with a full close in November. He confirmed the financing includes an initial EUR 10 million tranche. Solomita noted strong interest in licensing the technology, particularly in high-cost regions, and confirmed that Loop is actively planning for a second, larger facility on the same site in India, which would be dedicated to fiber-to-fiber recycling.

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CFO David Sasnett explained that Hawaii project revenue is recognized based on costs incurred, with a significant ramp-up expected to begin in Q1 2026. He and CEO Frederick McTaggart declined to disclose construction margins. McTaggart affirmed that recent retail growth is a permanent lift driven by population and business expansion, not just seasonality. Regarding the smaller projects valued at ~$20 million, the executives projected revenue recognition over a 12-month period, starting in the second half of 2025.

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Executive Frederick McTaggart and CFO David Sasnett responded. McTaggart stated the Hawaii project's construction phase is planned to start in Q4 2025. Sasnett clarified that while the development phase has a $27 million draw, revenue will be recognized based on costs incurred, and the final construction price includes inflation adjustments. Regarding the U.S. market, McTaggart described the bidding pipeline as 'quite busy' and the opportunity universe as 'getting stronger,' though competition is also increasing. For the Bahamas, he noted that smaller projects on the Family Islands, like Cat Island, can generate significant recurring revenue due to pricing scale, and that the high utilization of the Nassau plants presents a potential expansion opportunity.

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Executive Frederick McTaggart and CFO David Sasnett confirmed the project pipeline is active with many ongoing conversations, highlighting the Hawaii and Cat Island projects. McTaggart described the Cat Island project as a strategic catalyst for expansion into the Bahamas' family islands. Regarding capital allocation, McTaggart effectively ruled out share buybacks but noted the dividend would be reviewed by the board. Sasnett clarified that of the 75% increase in O&M revenue, $1.9 million was from the REC acquisition, with the remainder from new PERC contracts.

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No increased market weakness has been observed. While some sales cycles have slowed slightly, overall demand is up, and the late-stage pipeline is robust. DSOs are high due to payment timing with a few large clients and billing process inefficiencies, which are being addressed with a new AP system to accelerate the billing cycle.

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CEO Perry W. Moss explained that while the system's completion is helpful, the broader solution involves applying a disciplined, metric-driven approach across the entire company, similar to what was done in sales. Chairman Daniel M. Friedberg added that the previous disruption was a unique event and not expected to repeat. On the macro front, Moss noted that prospective clients are increasingly focused on cost efficiency, which aligns perfectly with Quest's value proposition.

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Executive Richard Warzala explained the strategic decision to exit high-volume, commoditized automotive applications that require heavy upfront investment, focusing instead on specialty applications to improve margins. Executive James Michaud added that while they aim to improve on the 3.1x inventory turns, they are cautious due to potential short-term inventory investments needed to manage geopolitical and trade issues.

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CEO Robert Rasmus explained that the commissioning issue is centered in "Zone 3," involving the fine-tuning of a chemical additive that binds the product. He emphasized that the company has successfully produced small, commercial-scale volumes, which is the basis for their confidence, and the current focus is on improving consistency and throughput for uninterrupted production. Treasurer and Chief Accounting Officer Stacia Hansen confirmed there were no take-or-pay impacts in Q1 results and that gross margin would have been approximately 5% higher without the GAC start-up costs and a one-time 2024 accounting adjustment.

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CEO Robert Rasmus confirmed the core issue is in "Zone 3," involving the binding and reagglomeration process, and stated the team is fine-tuning it for consistency and throughput. He expressed confidence because the mechanical process is proven and they have produced small volumes, allowing them to provide a conservative new timeline. Treasurer and Chief Accounting Officer Stacia Hansen clarified that there were no take-or-pay impacts in Q1 and that gross margin was suppressed by approximately 5% due to GAC start-up costs and a one-time accounting adjustment in the prior year.

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Robert Rasmus, CEO and President, detailed the six-zone commissioning process, confirming they have produced GAC and are now optimizing for repeatability. He noted that higher natural gas prices boost PAC volumes, which is additive to results. For 2025, he projected $8-$12 million in total CapEx, excluding a potential Phase 2, and stated that a decision on Phase 2 would follow the full ramp-up of Phase 1, with an expectation to fund it from the balance sheet and operational cash flow.

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CEO Robert Rasmus explained that with most structural work complete, the focus is on electrical and piping, with a modular commissioning process mitigating risks. He confirmed the goal for a full 25 million pound run rate by the end of Q1 2025, with potential production enhancements impacting Q3 2025. Regarding the PAC business, Rasmus noted that natural gas headwinds are not new and that strong results are from business optimization, not commodity prices. He also stated that PFAS regulation has strong bipartisan support, so the election outcome presents no change to their strategy.

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CEO Dustin Olson confirmed that the design for the next-generation plant is solid and that the company has already purchased the majority of long-lead equipment, which will allow for rapid acceleration once financing is secured. Regarding trials, he explained that while customer qualification timelines vary, PureCycle's proven ability to make product for diverse applications creates significant sales optionality, and current progress points to a strong commercial ramp in the second half of 2025.

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Executive Dustin Olson explained the strategy is to pace production with commercial orders to prudently manage working capital, particularly feedstock costs, and to optimize plant output for specific customer needs as they are finalized. Regarding P&G, Olson declined to forecast which customer would be the largest but emphasized the recent 8-K filing as a strong vote of confidence and reiterated the goal of fulfilling P&G's full allocation by year-end.

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CEO Dustin Olson stated unequivocally 'yes,' confirming that the Ironton operation is now controllable and production can be dialed up or down as needed. Regarding compounding, he explained it creates value in two ways: by providing a higher-value, customized product for customers, and by allowing PureCycle to capture incremental margin on blended components, which enhances the overall profitability of its recycled polypropylene.

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Michael McCann (executive) confirmed the 40 hires represent about a third of the sales force and are primarily on-site account managers focused on OpEx, with a ramp-up period dependent on the account. For geographic expansion into the 20-30 targeted MSAs, he stated that while organic starts are possible, the primary strategy is through acquisition to achieve scale and leverage national customer relationships more quickly.

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Executive Michael McCann stated they have a 'long way to go' but are making progress, moving from reactive repairs to proactive capital planning with clients. He emphasized that the scarcity of specialized labor is an advantage, as clients need their expertise for complex systems, which helps build trust. McCann noted that the strategy inherently takes time to build relationships but that growth will accelerate as they penetrate local capital budgets and expand their national footprint through M&A to serve larger customers.

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Executive Michael McCann stated that growth is primarily coming from expanding relationships with existing customers through a coordinated local and national approach. He characterized the company's penetration with top clients as being in the 'first or second inning,' as they have intentionally targeted customers with significant scale for future growth. McCann confirmed they would absolutely acquire firms for specialty services to augment their portfolio. He also noted a long-term opportunity for margin expansion through a three-year plan that includes equipment upgrades, energy services, and professional consulting, building on the current OpEx-focused offerings.

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Todd Gleason (executive) acknowledged the broader concern about tariff-driven inflation but stated that customer activity remains strong. He confirmed that revenue from large power projects booked now would primarily be recognized in 2026 and 2027. He also reaffirmed that the power pipeline is substantial and consistent with prior commentary of pursuing roughly 4-5 times the historical number of jobs. Peter Johansson (executive) added that international projects are also contributing to the pipeline.

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CFO Peter Johansson clarified the $450 million energy pipeline represents the total opportunity size over eight quarters. CEO Todd Gleason noted that for Profire, recurring revenue is about 20-25%, and the primary synergy is leveraging CECO's international infrastructure to expand Profire's model, which is currently 97% North American, into new global markets.

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Executive James Jenkins detailed that moving disposable production to Mexico is a more feasible mitigation strategy than moving it to the U.S., which would be cost-prohibitive. He confirmed the Lean Six Sigma optimization program is being rolled out company-wide. Both Jenkins and CFO Roger Shannon confirmed the delayed Jolly order amounted to EUR 3 million in revenue, the absence of which caused the company to miss its annual guidance.

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Executive Roger Shannon quantified the U.S. sales decline at approximately $2.8 million year-over-year, attributing most of it to friction from the LineDrive transition. CEO James Jenkins added that they are confident the relationship will improve sales in the second half. Regarding gross margins, Roger Shannon explained the decline was due to a 3.8% headwind from acquisition purchase accounting and a 3.4% impact from profit in ending inventory, the latter of which is expected to reverse as a benefit when the inventory ships. He also noted that some of the $2.4 million in acquired SG&A is temporary integration and marketing costs, and they are actively seeking efficiencies.

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CEO Ural Yal explained that the 9-12% margin guidance is based on the profitability of the existing backlog, anticipated scope growth, and new, higher-margin work expected in 2025. He noted that while risk management improvements could help existing projects, the primary margin driver will be new wins. Yal confirmed that margins are expected to improve quarterly, likely peaking in Q3. Regarding the business mix, he stated the goal is to achieve a 50/50 balance between fixed-price and collaborative delivery projects by 2027 or 2028, viewing this as the ideal long-term portfolio structure.

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CEO Steve Richards and Interim CFO Amanda Mobley confirmed that gross margins for Shimmick Projects are expected to increase as higher-margin work replaces legacy projects. Richards noted that bid activity is strong, with opportunities in the upper-teens margin range. Mobley detailed the remaining Legacy backlog, stating the Golden Gate Bridge project has about $40 million left, with the rest belonging to another lock project. She clarified these legacy jobs will carry a zero margin going forward, as high legal costs associated with settlements will not recur. Mobley also confirmed that proceeds from a separate lock settlement were received and used to pay down debt.

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Chief Operating Officer Christopher Krygier detailed the proposed Cost of Service Adjustment (CSA), explaining it's a 5-year, FERC-inspired formula for annual rate updates designed to reduce regulatory lag. President and CEO Ron Fleming clarified that a 'notice to proceed' from Procter & Gamble initiates a 2-3 year design and permitting phase, which precedes a separate 'notice to construct'.

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Chief Operating Officer Christopher Krygier explained that the CSA proposal is a FERC-inspired formula for annual rate adjustments based on updated financials, intended to run for 5-year cycles between full rate cases to reduce regulatory lag. President and CEO Ron Fleming clarified that a 'notice to proceed' from Procter & Gamble initiates the design and permit phase for new infrastructure, with a subsequent 'notice to construct' leading to a 2-to-3-year process before revenue generation.

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Ron Fleming, President and CEO, stated that recent political shifts would likely accelerate Arizona's existing economic development boom. He noted that growth is pushing to outlying areas due to housing affordability and better access to large-scale power infrastructure for new manufacturing facilities. Michael Liebman, CFO, specified that the Buckeye premium was just under $920,000 for Q3 2024, a 25% increase year-over-year, bringing the year-to-date total to $2.2 million.

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President and CEO Ron Fleming stated that the political changes would likely accelerate the already significant industrial manufacturing investment in Arizona. He noted that factors like housing affordability and power supply availability are pushing development towards Global Water's service areas. CFO Mike Liebman specified that the Buckeye premium was just under $920,000 for the quarter, a 25% year-over-year increase.

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Interim CEO James O'Leary explained that the Arcadia rightsizing, which is now 'in the rear view mirror' from an EBITDA drag perspective, involved a significant FTE reduction in the high-cost custom residential business. CFO Eric Walter confirmed that improving working capital management is a key focus for 2025 to drive free cash flow, with specific opportunities identified across all businesses, particularly at Arcadia.

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Executive Chairman James O'Leary explained that as a former family business, Arcadia's systems and personnel were underestimated and not robust enough for a public company, contributing to the goodwill write-off. CEO Michael Kuta detailed specific initiatives, including improving supply chain sourcing, S&OP processes, demand planning, and finishing operations to improve lead times. O'Leary confirmed that underperformance in the high-end residential business, with its high contribution margins, had a disproportionate negative impact on factory absorption and profitability. Kuta also confirmed that after building an 18-month backlog, the focus shifted to fulfillment, creating a "valley" in new orders.

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The company detailed its multi-year avocado expansion, aiming for 30 million pounds by 2029 with highly favorable economics (over $20,000/acre profit). The real estate JV is self-funding its CapEx, including a new bridge, and the timing for the next shareholder distribution is not yet determined.

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Executive Harold Edwards and Executive Mark Palamountain detailed the avocado expansion, explaining that while 1,300 acres are already planted, the full 1,000-acre expansion will occur over the next 2-3 years. They projected a long-term average yield of 30 million pounds by 2029. Palamountain highlighted the compelling economics, with farming costs around $5,000/acre and potential operating profit of $15,000-$20,000/acre, significantly higher than lemons. Regarding the real estate JV, Edwards stated the timing for the next distribution is uncertain as the venture is now self-funding its CapEx, including an upcoming bridge construction project, after terminating its credit line.

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The plant downtime impacted unabsorbed overhead and repair costs, not top-line revenue. The political changes are viewed as net neutral to positive, with bipartisan support for grid upgrades seen as stable. The short-term roadmap includes completing logistical items like rebranding and industry reclassification in Q4, while the longer-term focus is on organic regional expansion, potential acquisitions, and operational efficiency improvements through 2025.

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The Midwest/West expansion is a significant opportunity expected to ramp up over 12-18 months, with acquisitions being a possibility. The impact from government stimulus spending is anticipated to be more significant in 2025.

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