Benson Hill, Inc. (NYSE:BHIL) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Ruben Mella – Senior Director-Investor Relations

Matt Crisp – Chief Executive Officer

Dean Freeman – Chief Financial Officer

Conference Call Participants

Kristen Owen – Oppenheimer

Cody Ross – UBS

Ben Theurer – Barclays

Brian Wright – ROTH MKM

Ben Klieve – Lake Street Capital Markets

Operator

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

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

Ruben Mella

Thank you and good morning. We appreciate you joining us to review our first quarter 2023 financial results and outlook. With me today are Matt Crisp, Benson Hill's Chief Executive Officer; and Dean Freeman, our Chief Financial Officer. Earlier this morning, we filled our earnings release and Form 8-K. These documents, as well as an investor presentation we will reference during the prepared remarks, are available in the Investors section of the Benson Hill website.

Comments today from management will contain forward-looking statements, including Benson Hill's expectations of future financial and business performance, industry outlook, as well as current guidance for 2023. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, and are not guarantees of performance. We caution you to consider these risk factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors include those referenced in the cautionary notes included in our Form 10-K, Form 10-Q, press release and investor presentation, as well as other filings with the SEC. Also, during this presentation, we will be discussing certain non-GAAP financial measures. A reconciliation to GAAP is available in our earnings release and presentation.

I will now turn the call over to Matt.

Matt Crisp

Thanks, Ruben, and good morning everyone. We are off to a solid start in 2023 with financial results in line with expectations and indicative of a strong year ahead for Benson Hill. We are building on the momentum from last year and we are seeing demand for our proprietary soy ingredient products in line with our expectations for a 40% to 50% increase in proprietary revenues. We continue to experience market conditions that support our non-proprietary meal ingredient and oil sales despite the current softness and underlying commodity crush margins.